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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 £4,260 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 Child Trust Fund 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.

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

 

Children's Savings Products

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

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

 

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

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