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Children's Savings Accounts

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With us, everyone counts - even before they can add up. Our accounts help the whole family...

1. Children: a savings account will help teach key financial education skills, introducing and enhancing their knowledge around money, savings and interest

2. Parents: our savings vehicles can help manage the costs of bringing up a family, and plan for those future expenses

3. Extended family: make it easy and convenient for cash gifts or bequests to be made

Note:

Junior ISA - this 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 to £4,080 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.

Child Trust Fund - although this has been discontinued following the change in government policy, we can still accept transfers into our cash Child Trust Fund, and you can also transfer your CTF to a Junior ISA

FSCS

Please note that our savings products and deposit accounts are only available to existing members or new applicants resident in our local postcode areas IP, NR, CO, CM, CB and PE (excluding Child Trust Fund 2).

For a quick page-to-view comparison of all our personal savings products and interest rates please click here.

Child Trust Fund 2

Summary Box
Terms & Conditions
Apply Now
Account NameChild Trust Fund (CTF) 2
What is the interest rate?

1.90% Tax-Free*/AER**

Interest is added to the account annually on the anniversary of the child’s birthday.

Can the Society change the interest rate?

The interest rate is variable, which means we reserve the right to change them to reflect market conditions, to comply with legal or regulatory guidelines and to protect the long-term future of the Society.

We will give you 14 days’ notice before any change that would disadvantage you, provided you had a balance of £100 at the time of writing. For full details please read our General Investment Terms and Conditions.

What would the estimated balance be after 12 months based on a £1,000 deposit?

Based on the current rate of interest, if you deposited £1000 into this account, after 12 months you would have £1,019.00.

This figure is only an estimate, based on there being no additional deposits, withdrawals or rate changes in that time with all interest being added to your account. This figure is for illustrative purposes only, and does not take into account your individual circumstances.

How do I open and manage my account?

Available to children under the age of 18 who already hold a Child Trust Fund and are resident in postcode areas IP, NR, CO, CM, CB and PE.

You can open the account with sum transferred from your existing CTF provider. The maximum is the annual CTF allowance set by the Government.

Who has responsibility for the account?
The account will be opened in the name of the child but will be operated by the registered contact - this would normally be the parent to whom Child Benefit is paid. All correspondence up until the age of 16 will be sent to the registered contact. The child takes control of the account at the age of 16 - which means that they will receive correspondence and can make the decision to transfer to an alternative provider.

Can I withdraw money?

No withdrawals are allowed until the child reaches 18. At this point they will need to provide us with identification before a withdrawal can take place.

Can I transfer out my CTF?
The registered contact can transfer the child’s CTF account to another provider at any time subject to Government rules. You will need to complete and sign a transfer instruction with your chosen provider.

What happens on the Child’s 18th birthday?
At age 18 your child’s CTF will be available for them to use in whatever way they choose.  At the age of 18 the account will remain open and we will write to the child to confirm the new access conditions and rates that will apply to their account.

Additional Information

This is a summary of the key features of this account. You will still need to read the savings Terms and Conditions.

Tax-Free* - Interest is free of Personal UK Income Tax, your Personal Savings Allowance and Capital Gains Tax

**AER (Annual Equivalent Rate) - A notional rate which illustrates what the gross rate would be if the interest was paid and compounded once per year.

View previous rates
Balance Variable Interest Previous AER Variable Interest Previous Gross
Transfer value plus £4,080 each year until child reaches 18 years of age 2.15% TAX FREE 2.15% TAX FREE
Useful DownloadsDownload
Terms and conditions
Download the investment application form

I accept the Terms and Conditions
Eligibility: I am an existing member or a new applicant residing in the following postcode areas; IP, NR, CO, CM, CB, PE
I declare that I will print out, read and retain the Financial Services Compensation Scheme (FSCS) Information Sheet which is attached to the application form

Please note: for new members we can confirm your identity electronically, however if you are not on the electoral roll we will need further proof of your identity. Please click here for acceptable forms of identification.

Useful DownloadsDownload

Child Trust Fund Application Form and FSCS Information Sheet

Download the investment application form

Child Trust Fund Transfer Application Form and FSCS Information Sheet

Download the investment application form

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

Junior ISA (Cash)

Summary Box
Terms & Conditions
Apply Now
Account NameJunior ISA (Cash)
What is the interest rate?

1.90% Tax-Free*/AER**

Interest is added to the account anually on 5 April.

Can the Society change the interest rate?

The interest rate is variable, which means we reserve the right to change them to reflect market conditions, to comply with legal or regulatory guidelines and to protect the long-term future of the Society.

We will give you 14 days’ notice before any change that would disadvantage you, provided you had a balance of £100 at the time of writing. For full details please read our General Investment Terms and Conditions.

What would the estimated balance be after 12 months based on a £1,000 deposit?

Based on the current rate of interest, if you deposited £1000 into this account, after 12 months you would have £1,019.00.

This figure is only an estimate, based on there being no additional deposits, withdrawals or rate changes in that time with all interest being added to your account. This figure is for illustrative purposes only, and does not take into account your individual circumstances.

How do I open and manage my account?

Available to children under the age of 18 who do not hold a Child Trust Fund. The Society only currently opens Junior ISAs for children 16 and under who are resident in postcode areas IP, NR, CO, CM, CB and PE only, unless the child or Registered Contact is an existing member.

You can open the account with any amount from £10 to the maximum Cash Junior ISA subscription limit for this tax year. Please speak to a member of staff or refer to our website for the current limits. A tax year runs from 6 April to 5 April. Remember, you can only put money into one Cash Junior  ISA and one Stocks and Shares Junior ISA up to the maximum annual limit across both accounts.

The account will be opened in the name of the child but will be operated by the Registered Contact. The Registered Contact is the person with parental responsibility and will receive all correspondence. You can check your eligibility in our Junior Cash ISA Key Facts Document. At 16, the child can take responsibility for the account without the Registered Contact's consent, however this won’t automatically happen unless we are specifically asked by the child to transfer responsibility.

A statement detailing all transactions will be sent annually, soon after the interest is added.

Can I withdraw money?

No withdrawals are allowed until the child reaches 18. At this point they will need to provide us with identification before a withdrawal can take place.

Can I transfer out to a new ISA Manager?
Yes. If you want to transfer to a new Junior ISA Manager you will need to contact your chosen provider to start the transfer process. We will transfer your Junior ISA or part of
your Junior ISA to the new ISA manager within 5 business days of receiving your instructions.

What happens when the child reaches 18?
At age 18 your child's Junior ISA will automatically be transferred into an appropriate adult ISA with the Society for them to use in whatever way they choose. They will have full access to their savings on receipt of a sample signature and proof of identification.
 
They can also decide whether they want to continue saving into their adult ISA. Any monies paid into the Junior ISA in the tax year they become 18 won’t count towards the subscription limit for the adult ISA in that tax year. We will write to the Registered Contact prior to the child's 18th birthday to tell you about this process.

Additional Information

This is a summary of the key features of this account. You will still need to read the Terms and Conditions.

Tax-Free* - Interest is free of Personal UK Income Tax, your Personal Savings Allowance and Capital Gains Tax

**AER (Annual Equivalent Rate) - A notional rate which illustrates what the gross rate would be if the interest was paid and compounded once per year.

View previous rates
Balance Variable Interest Previous AER Variable Interest Previous Gross
£10+ Junior ISA subscription limits apply 2.15% TAX FREE 2.15% TAX FREE
Useful DownloadsDownload
Terms and conditions
Download the investment application form

I accept the Terms and Conditions
Eligibility: I am an existing member or a new applicant residing in the following postcode areas; IP, NR, CO, CM, CB, PE
I declare that I will print out, read and retain the Financial Services Compensation Scheme (FSCS) Information Sheet which is attached to the application form

Please note: for new members we can confirm your identity electronically, however if you are not on the electoral roll we will need further proof of your identity. Please click here for acceptable forms of identification.

Useful DownloadsDownload

Investment Application Form and FSCS Information Sheet  (Junior ISA (Cash))

Download the investment application form

Family Tree (Trust) - for children under 18 years

Summary Box
Terms & Conditions
Apply Now
Account NameFamily Tree (Trust)
What is the interest rate?

1.75% Gross* / AER**

Interest is added to the account annually on 1 December.

Can the Society change the interest rate?

The interest rate is variable, which means we reserve the right to change them to reflect market conditions, to comply with legal or regulatory guidelines and to protect the long-term future of the Society.

We will give you 14 days’ notice before any change that would disadvantage you, provided you had a balance of £100 at the time of writing. For full details please read our General Investment Terms and Conditions.

What would the estimated balance be after 12 months based on a £1,000 deposit?

Based on the current rate of interest, if you deposited £1000 into this account, after 12 months you would have £1,017.50.

This figure is only an estimate, based on there being no additional deposits, withdrawals or rate changes in that time with all interest being added to your account. This figure is for illustrative purposes only, and does not take into account your individual circumstances.

How do I open and manage my account?

Available by post or branch. This account is available to all members or for new members resident in postcode areas IP, NR, CO, CM, CB and PE only.

Family Tree (Trust) is a bare trust account that can be opened by parents, grandparents or legal guardians of a child under 18. A bare trust means that the child retains absolute title to the money and the interest earned.

The minimum amount to open an account is £10. The overall maximum is £50,000. Once an account is open additional investments can be made up to the maximum balance allowed.

A Family Tree (Trust) can be opened on behalf of one child and the beneficiary cannot be changed once the account is open. If you would like to save for several children, multiple accounts can be opened.

Can I withdraw money?

Withdrawals are subject to 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.

All trustees will be required to sign for withdrawals, amendments, transfers or closure. On closure, a cheque for the balance in the account will be made payable to the child.

After a partial withdrawal, if the balance falls below £10 the account can be closed without notice or penalty and transferred to another account in our current range.

What happens when the child reaches 18?
We will write and advise the trustee(s) that they can no longer operate the account. The account will be transferred to an appropriate account with the Society in the child's name. The child will be given full access to their savings on receipt of a sample signature, the Family Tree (Trust) passbook and proof of identification.

If the child has not contacted us within 12 months of their 18th birthday, we will write to them direct to let them know that the funds are available to them.

Additional Information

This is a summary of the key features of this account. You will still need to read the General Investment Terms and Conditions.

 *Gross - The rate paid without interest deducted. For more information on your Personal Savings Allowance, please refer to www.gov.uk.

**AER (Annual Equivalent Rate) - A notional rate which illustrates what the gross rate would be if the interest was paid and compounded once per year.

View previous rates
Balance Variable Interest Previous AER Variable Interest Previous Gross
£10 - £50,000 2.00% 2.00%
Useful DownloadsDownload
Terms and conditions
Download the investment application form

I accept the Terms and Conditions
Eligibility: I am an existing member or a new applicant residing in the following postcode areas; IP, NR, CO, CM, CB, PE
I declare that I will print out, read and retain the Financial Services Compensation Scheme (FSCS) Information Sheet which is attached to the application form

Please note: for new members we can confirm your identity electronically, however if you are not on the electoral roll we will need further proof of your identity. Please click here for acceptable forms of identification.

Useful DownloadsDownload

Application for a Child's Savings Account Form and FSCS Information Sheet 

Download the investment application form

Stepping Stone ISA (16-20)

Summary Box
Terms & Conditions
Apply Now
Account NameStepping Stone ISA (16-20)
What is the interest rate?

1.55% Tax-Free*/AER**

Interest is added to the account annually on 5 April.

Can the Society change the interest rate?

The interest rate is variable, which means we reserve the right to change them to reflect market conditions, to comply with legal or regulatory guidelines and to protect the long-term future of the Society.

We will give you 14 days’ notice before any change that would disadvantage you, provided you had a balance of £100 at the time of writing. For full details please read our General Investment Terms and Conditions.

What would the estimated balance be after 12 months based on a £1,000 deposit?

Based on the current rate of interest, if you deposited £1000 into this account, after 12 months you would have £1,015.50.

This figure is only an estimate, based on there being no additional deposits, withdrawals or rate changes in that time with all interest being added to your account. This figure is for illustrative purposes only, and does not take into account your individual circumstances.

How do I open and manage my account?

If you are aged 16–21, resident in the UK and can provide a National Insurance number, you can open a Cash ISA.

This account is available to all members or for new members, resident in postcode areas IP, NR, CO, CM, CB and PE.

Accounts can be opened with a minimum amount of £10 and the maximum that can be held in this account is £250,000.

You may invest up to the maximum Cash ISA limit in a single tax year .The maximum you can invest is set by HM Revenue & Customs. Please speak to a member of staff or refer to our website for the current ISA subscription limits. Please remember that you can only subscribe to one Cash ISA with one provider in any tax year.

This is not a flexible ISA. Where the maximum contribution has been made in any tax year, no further subscriptions can be made. This applies even if you withdraw some of this money later in the tax year. 

Can I transfer in my ISA?
Yes, you can transfer-in an ISA from another ISA Manager, provided you have not exercised any flexible option. The maximum you can transfer-in is the amount you currently have saved in your ISA(s). If you have not made any ISA subscriptions in the current tax year you may do so at the time of opening.

Can I withdraw money?

Stepping Stone ISA is instant access. If you’ve subscribed to your ISA, then closure of the account would mean that you are unable to open another Cash ISA within the same tax year.

Can I transfer out my ISA?
You can transfer-out of your ISA with us subject to the conditions imposed by the new ISA Manager. We are happy to partially transfer your ISA to another provider if requested.

Additional Information

This is a summary of the key features of this account. You will still need to read the Terms and Conditions.

Tax-Free* - Interest is free of Personal UK Income Tax, your Personal Savings Allowance and Capital Gains Tax

**AER (Annual Equivalent Rate) - A notional rate which illustrates what the gross rate would be if the interest was paid and compounded once per year.

View previous rates
Balance Variable Interest Previous Rate
£10 and above ISA annual subscription limits apply 1.80% TAX FREE
Useful DownloadsDownload
Terms and conditions
Download the investment application form

I accept the Terms and Conditions
Eligibility: I am an existing member or a new applicant residing in the following postcode areas; IP, NR, CO, CM, CB, PE
I declare that I will print out, read and retain the Financial Services Compensation Scheme (FSCS) Information Sheet which is attached to the application form

Please note: for new members we can confirm your identity electronically, however if you are not on the electoral roll we will need further proof of your identity. Please click here for acceptable forms of identification.

Useful DownloadsDownload
ISA Application form and FSCS Information Sheet
Download the investment application form

My Money Saver (0-10)

Summary Box
Terms & Conditions
Apply Now
Account NameMy Money Saver
What is the interest rate?

1.55% Gross* / AER**

Interest is added to the account annually on 1 December.

Can the Society change the interest rate?

The interest rate is variable, which means we reserve the right to change them to reflect market conditions, to comply with legal or regulatory guidelines and to protect the long-term future of the Society.

We will give you 14 days’ notice before any change that would disadvantage you, provided you had a balance of £100 at the time of writing. For full details please read our General Investment Terms and Conditions.

What would the estimated balance be after 12 months based on a £1,000 deposit?

Based on the current rate of interest, if you deposited £1000 into this account, after 12 months you would have £1,015.50.

This figure is only an estimate, based on there being no additional deposits, withdrawals or rate changes in that time with all interest being added to your account. This figure is for illustrative purposes only, and does not take into account your individual circumstances.

How do I open and manage my account?

This account is only for UK residents and designed for children aged 0-10. This account is available to all members or for new members resident in postcode areas IP, NR, CO, CM, CB and PE only.

The minimum amount is £1. Once the account is open you can pay in any amount no matter how small. The maximum investment in a My Money Saver is £5000.

Can I withdraw money?

My Money Saver is instant access and operated by the parent or guardian up to age 10.

What happens when the child reaches 11?
On reaching 11, we will write to the parent or guardian to confirm that the account has been transferred to My Money Saver +. My Money Saver + can only be operated by the child. We will ask the child to provide us with a specimen signature and a copy of their identification for future withdrawals.

Additional Information

This is a summary of the key features of this account. You will still need to read the General Investment Terms and Conditions.

*Gross - The rate paid without interest deducted. For more information on your Personal Savings Allowance, please refer to www.gov.uk.

**AER (Annual Equivalent Rate) - A notional rate which illustrates what the gross rate would be if the interest was paid and compounded once per year.

View previous rates
Balance Variable Interest Previous AER Variable Interest Previous Gross
£1 - £5,000 1.80% 1.80%
Useful DownloadsDownload
Terms and conditions
Download the investment application form

I accept the Terms and Conditions
Eligibility: I am an existing member or a new applicant residing in the following postcode areas; IP, NR, CO, CM, CB, PE
I declare that I will print out, read and retain the Financial Services Compensation Scheme (FSCS) Information Sheet which is attached to the application form

Please note: for new members we can confirm your identity electronically, however if you are not on the electoral roll we will need further proof of your identity. Please click here for acceptable forms of identification.

Useful DownloadsDownload
Application for Child's Savings Account Form and FSCS Information Sheet
Download the investment application form

My Money Saver + (11-17)

Summary Box
Terms & Conditions
Apply Now
Account NameMy Money Saver +
What is the interest rate?

1.55% Gross* / AER**

Interest is added to the account annually on the 1 December.

Can the Society change the interest rate?

The interest rate is variable, which means we reserve the right to change them to reflect market conditions, to comply with legal or regulatory guidelines and to protect the long-term future of the Society.

We will give you 14 days’ notice before any change that would disadvantage you, provided you had a balance of £100 at the time of writing. For full details please read our General Investment Terms and Conditions.

What would the estimated balance be after 12 months based on a £1,000 deposit?

Based on the current rate of interest, if you deposited £1000 into this account, after 12 months you would have £1,015.50.

This figure is only an estimate, based on there being no additional deposits, withdrawals or rate changes in that time with all interest being added to your account. This figure is for illustrative purposes only, and does not take into account your individual circumstances.

How do I open and manage my account?

This account is only for UK residents and designed for children aged 11-18. This account is available to all members or for new members resident in postcode areas IP, NR, CO, CM, CB and PE only.

The minimum amount is £1. Once the account is open you can pay in any amount no matter how small. The maximum investment in a My Money Saver + is £5000.

Can I withdraw money?

My Money Saver + is instant access and operated by the child. They will be responsible for signing for withdrawals, however a parent will be asked to countersign withdrawals over £100 until the child reaches 16 years of age.

What happens when the child reaches 18?
On reaching 18 we will write to the child to confirm that their account has been transferred to an appropriate account with the Society and that the child has full access to their funds.

Additional Information

This is a summary of the key features of this account. You will still need to read the General Investment Terms and Conditions.

 *Gross - The rate paid without interest deducted. For more information on your Personal Savings Allowance, please refer to www.gov.uk.

**AER (Annual Equivalent Rate) - A notional rate which illustrates what the gross rate would be if the interest was paid and compounded once per year.

View previous rates
Balance Variable Interest Previous AER Variable Interest Previous Gross
£1 - £5,000 1.80% 1.80%
Useful DownloadsDownload
Terms and conditions
Download the investment application form

I accept the Terms and Conditions
Eligibility: I am an existing member or a new applicant residing in the following postcode areas; IP, NR, CO, CM, CB, PE
I declare that I will print out, read and retain the Financial Services Compensation Scheme (FSCS) Information Sheet which is attached to the application form

Please note: for new members we can confirm your identity electronically, however if you are not on the electoral roll we will need further proof of your identity. Please click here for acceptable forms of identification.

Useful DownloadsDownload
Application for Child's Savings Account Form and FSCS Information Sheet
Download the investment application form

 

 

Useful DownloadsDownload
Savings Interest Rates Leaflet - interest rates and summary of terms for all of our personal savings products Download details of identification required
Financial Services Compensation Scheme (FSCS) Information Sheet fscs20x20
Identification details - documents required when opening an account Download details of identification required
Customer Information - outlines procedures for opening and using our savings accounts Download the Customer Information document
General Investment Terms & Conditions - applies to all savings accounts with the Society. Download the Investment Terms and Conditions
Junior ISA Transfer In Forms - to transfer Junior ISA funds from a different provider
(please ensure you complete both forms in this document)
Download the Investment Terms and Conditions
Child Trust Fund Transfer In Forms - to transfer a Child Trust Fund from a different provider
(please ensure you complete both forms in this document)
Download the Investment Terms and Conditions
Request to transfer in a Child Trust Fund to a Junior ISA (please ensure you complete both forms in this document) Download the Investment Terms and Conditions

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