Terms & Conditions
- The FutureSave Account is open to all children living or attending school in the West of Scotland from birth to the age of 16.
- All FutureSave Accounts must have an adult trustee. The adult trustee must be a current Scotwest member and will be the authorised signatory for the account until the child reaches the age of 16.
- Any correspondence relating to the account will be sent to the current address held for the Trustee. The junior members' address will also be recorded therefore please ensure you inform us if either you or the child move address.
- Upon reaching the age of 16, the junior will have access to our full range of adult savings accounts provided they still live, work or attend school within the West of Scotland. Prior to the junior's 16th birthday, we will write out to the Trustee with further details, together with an application form for the junior to complete should they wish and a 'Final Instruction' form allowing the Trustee to confirm their preference in terms of the FutureSave Account balance and what should happen to the funds.
- Proof of address and date of birth/ identity confirmation must accompany each FutureSave Account application.
- An initial deposit to open the account may be required.
- No regular savings are required.
- The account will attract a return with interest paid quarterly at the end of March, June, September and December each year. Details of the current interest rate can be obtained from the Scotwest office or on the website. Interest will be paid gross of tax.
- Withdrawals may be requested from the account and there is no restriction on the number of withdrawals that can be requested. A FutureSave Withdrawal Form must be completed for each withdrawal request.
- Withdrawal funds will be paid out by bank transfer to the bank account detailed on the withdrawal request form.
- To close a FutureSave Account, a completed closure request form will be required and will need to be signed by the authorised signatory for the account (the Trustee).