21 Club
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21 Club
Anyone between the ages of 18 and 21 can open a 21 Club savings account.
It will be of particular interest to our savers with maturing 18 Club accounts as you can continue to be a Society member and receive a competitive rate of interest.
With three withdrawals permitted each year, this savings account suits college students down to the ground as the 21 Club fits in nicely with term-time funding needs.
Summary Box
| Account name | 21 Club (18-21 year olds) |
|---|---|
| What is the interest rate? |
1.00% Gross PA / AER* Interest is calculated on a daily basis and added to your account annually on 31st December. |
| Can Harpenden Building Society change the interest rate? |
Yes, we have the right to vary the rate of interest. If we decrease the interest rate, we will notify you 30 days in advance of the change. Please refer to Condition 7 of our General Terms and Conditions for Retail Savings Accounts (available in our branches and our website) which sets out the reasons for which we may change the rate and the procedure for doing so. |
| What would the estimated balance be after 12 months based on a £1,000 deposit? |
The estimated balance after 12 months based on an initial deposit of £1,000 would be £1,010. This projection is provided as an example only and doesn’t take into account your individual circumstances. We have worked this out assuming a £1,000 deposit is made on account opening and no further deposits or withdrawals are made throughout the year. |
| How do I open and manage my account? |
You must be between 18 and 21 years old and a UK resident and may only hold one account of this type. This account can be opened in branch or by post. Minimum balance: £1+ Maximum balance: No limit Please follow the guidance in our ‘Identification Requirements’ document available in branch and online. You can manage this account in our branches, by post or online (subject to the terms and conditions of our online services). Deposits can be made by cash (up to £3,000 per day) and cheque, in our branches and by post, or by bank transfer. |
| Can I withdraw money? |
Yes, you can make a maximum of three withdrawals each year without notice or loss of interest, including closure. No further withdrawals are permitted. You will not be permitted to reduce the balance in your account to less than the minimum balance, unless you are closing the account. Withdrawals can be made by cash (up to £500 per day) and cheque, in our branches and by post, or via faster payment (up to £100,000, or above that amount via CHAPS). |
| Additional information |
Interest is paid gross without tax deducted. Some savers may be required to pay tax on their savings interest - this should be arranged directly with HMRC through your tax return. Your tax treatment will depend on your individual circumstances and may be subject to change in the future. |
* The gross rate (PA) is the rate before deducting tax at the rate applicable to savings income. The annual equivalent rate (AER) is a notional rate which illustrates what the gross interest rate would be if the interest was paid and added to the account annually
The information contained in this table forms part of the terms and conditions of the account and should be read in conjunction with our General Savings Account Terms and Conditions for Retail Savings Accounts.