Young savers with Bradford & Bingley are being told they cannot put more than £1,000 into their accounts “for business reasons.”
Under-18s with accounts in their own name will not now be allowed to put more than £1,000 into savings accounts. If the balance is more than £1,000 they will not be allowed to top it up.
This should not affect their windfall rights should the building society demutualise.
Junior savers with accounts held in the name of a parent or guardian will not be hit by the new rules but they will also not qualify for any windfalls should the building society demutualise.