The Society’s range of children’s products are designed to ensure children themselves have the opportunity to learn about saving, and spending money, and providing family members with the chance to save up a nest egg over a longer period of time.
“Family Trust” enables parents or grandparents to save money on behalf of the child, and upon the child’s 18th birthday they can then access the funds. Until then the parent or grandparent will manage the account. This is a good option for long term saving for expensive milestones such as going to university or buying a first car.
“Save Up” is an instant access account and an ideal starting point for parents wishing to teach children how savings accounts work, by paying in and taking out money, and of course earning interest on their savings. Financial education is very important and by operating their own account, with parental supervision, children can learn how to look after their money.
Junior ISA is a tax-free savings account for parents wishing to make long term savings for their child. Just like any of our other ISA’s we welcome new customers, and transfers-in from other organisations, and the limits set out by the Government mean that up £3,600 can be invested in each tax year. The Junior ISA is not available to children with a Child Trust Fund and only one cash Junior ISA and one stocks and shares Junior ISA can be held per childhood - the Society only offers the cash Junior ISA.
Please note that although the Child Trust Fund has been discontinued following the change in government policy we can still accept transfers into our cash Child Trust Fund.
(Find Useful Downloads at the bottom of this page)
Rates correct as at 1 November 2011
• Withdrawals subject to 90 days' notice or 90 days' interest penalty
• Annual interest paid on 1 December
| Balance | Variable Interest Current AER | Variable Interest Current Gross | Variable Interest Current Net |
|---|---|---|---|
| £10 - £50,000 | 2.25% | 2.25% | 1.80% |
Key product information for our Savings Account
| Account Name | Family Trust (for children under 18 years) |
|---|---|
| Interest Rates (AER) |
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| Tax Status | Interest paid net of basic rate tax, unless a gross registration has been declared on behalf of the child by a person with parental responsibility |
| Conditions for Bonus Payments | Not applicable |
| Withdrawal Arrangements | 90 days' notice or 90 days' interest penalty. All withdrawals must be for the benefit of the child. A parent, grandparent or legal guardian will be responsible for operating the account as Trustee(s) until the child reaches 18 |
| Access | Post or branch |
| Useful Downloads | Download |
|---|---|
| Terms and conditions |
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| Useful Downloads | Download |
|---|---|
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Application for a Child's Savings Account Form (Save Up and Family Trust) |
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• Cash option - this is a Cash Junior ISA. It is not a stocks and shares Junior ISA
• Available to children under the age of 18 who do not hold a Child Trust Fund. The Society only currently opens Junior ISA accounts for children 16 and under who are resident in Suffolk, Norfolk, Essex, Cambridgeshire, Bedfordshire and Hertfordshire only
• All subscriptions to the Junior ISA are treated as a gift to the child and cannot be repaid to the subscriber at a later date
• No withdrawals allowed until child reaches 18 years of age
• Transfers allowed
• Annual interest on 5 April
| Balance | Variable Interest Current AER | Variable Interest Current Gross | Variable Interest Current Net |
|---|---|---|---|
| £10+ Junior ISA subscription limits apply |
2.40% | 2.40% | TAX FREE |
Key product information for our Savings Account
| Account Name | Junior ISA (Cash) |
|---|---|
| Interest Rates (AER) |
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| Tax Status | Tax free |
| Conditions for Bonus Payments | Not applicable |
| Withdrawal Arrangements |
No withdrawals allowed until child reaches 18 years of age |
| Access | Post or branch |
Available to children under the age of 18 who do not hold a Child Trust Fund. The Society only currently opens Junior ISA accounts for children 16 and under who are resident in Suffolk, Norfolk, Essex, Cambridgeshire, Bedfordshire and Hertfordshire only.
| Useful Downloads | Download |
|---|---|
| Terms and conditions |
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| Useful Downloads | Download |
|---|---|
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Investment Application Form (Junior ISA (Cash)) |
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• Account operated by parent or guardian up to age 7, then the account is operated by the child
• Interest paid annually on 1 December
| Balance | Variable Interest Current AER | Variable Interest Current Gross | Variable Interest Current Net |
|---|---|---|---|
| £1 - £5,000 | 2.00% | 2.00% | 1.60% |
Key product information for our Savings Account
| Account Name | Save Up (for children aged 0 - 16 years) |
|---|---|
| Interest Rates (AER) |
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| Tax Status | Interest paid net of basic rate tax, unless a gross registration has been declared on behalf of the child by a person with parental responsibility |
| Conditions for Bonus Payments | Not applicable |
| Withdrawal Arrangements | Instant access. Please note:
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| Access | Post or branch |
| Useful Downloads | Download |
|---|---|
| Terms and conditions |
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| Useful Downloads | Download |
|---|---|
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Application for Child's Savings Account Form (Save Up and Family Trust) |
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• Cash Non-stakeholder option - this is a Cash Child Trust Fund. It is not a stakeholder Child Trust Fund
• No withdrawals allowed until child reaches 18 years of age
• Transfers allowed
• Interest paid annually on birthday of child
| Balance | Variable Interest Current AER | Variable Interest Current Gross | Variable Interest Current Net |
|---|---|---|---|
| Inland Revenue voucher plus up to £3,600 each year until child reaches 18 years of age | 2.40% TAX FREE |
2.40% TAX FREE |
2.40% TAX FREE |
Key product information for our Savings Account
| Account Name | Child Trust Fund 2 |
|---|---|
| Interest Rates (AER) |
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| Tax Status | Tax free |
| Conditions for Bonus Payments | Not applicable |
| Withdrawal Arrangements |
No withdrawals allowed until child reaches 18 years of age |
| Access | Post or branch |
| Useful Downloads | Download |
|---|---|
| Terms and conditions |
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| Useful Downloads | Download |
|---|---|
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Child Trust Fund Application Form |
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Child Trust Fund Transfer Application Form |
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Please note: to transfer in a Child Trust Fund you must complete both the Child Trust Fund Application Form and the Child Trust Fund Transfer Application Form
