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Children's Savings Accounts

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Children's Savings Accounts

Our children's savings accounts help the whole family...

At Ipswich Building Society, everyone counts - even before they can add up.

Through our children’s savings accounts we aim to help teach children key financial education skills that they can build on throughout their lives, including how to manage and save money and developing knowledge around how interest works. Children’s savings accounts also offer a helping hand for parents to plan for those future expenses, and it’s easy and convenient for extended family to make cash gifts or bequests.

We have a wide range of children’s savings accounts available - It’s never too early to start saving for a little one, and you can choose to open a children’s savings account on behalf of a child of any age.

The Junior ISA is a tax free children’s savings account, ideal for many parents wishing to make long term savings for their child. Just like most of our other ISAs, we welcome new applicants and transfers-in from other organisations, and the limits set out by the Government mean that up to £4,368 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 child. We offer a Junior ISA for children aged under 18.

Although it 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 Child Trust Fund to a Junior ISA.

Please note: 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 – with the exception of the Child Trust Fund which is not postcode-restricted.

Children's Savings Accounts

Account NameInterest RateAccount TypeKey Details

Junior ISA (Cash)

2.00% Tax Free*/AER**

Children's Accounts

- Interest added annually on 5 April
- Variable interest rate
- For children under the age of 18

More Details

Family Tree (Trust) - Saving for children under 18 years

1.90% Gross*/AER**

Children's Accounts

- Bare trust account
- Variable interest rate
- Withdawals subject to 90 days' notice
  or interest penalty

More Details

My Money Saver (0-10)

1.80% Gross*/AER**

Children's Accounts

- Variable interest rate
- Interest added annually on 1 December
- For children aged 10 years or younger

More Details

My Money Saver Plus (11-17)

1.80% Gross*/AER**

Children's Accounts

- Variable interest rate
- Interest added annually on 1 December
- For children aged between 11-17 years

More Details

Stepping Stone ISA (16-20)

1.80% Tax Free*/AER**

ISA (Variable rate)

- Variable interest rate
- Instant access
- For young adults aged between 16-20

More Details

Child Trust Fund 2

2.00% Tax Free***/AER**

Children's Accounts

- Variable interest rate
- Interest paid annually
- No access until the child reaches 18

More Details

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
Request to transfer in a Child Trust Fund to a Junior ISA (please ensure you complete both forms) Download the Investment Terms and Conditions Download the Investment Terms and Conditions

*Gross
The amount paid with no income tax deducted - for more information on your Personal Savings Allowance 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
***Tax Free
Interest is free of Personal UK Income Tax, your Personal Savings Allowance and Capital Gains Tax

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