Children's Future Saver

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Children's Future Saver

Key Features

Children’s Regular Saver

2.90% Gross pa/AER

Open with £1

2 withdrawals per year

Our Children’s Future Saver allows two withdrawals per year without loss of interest or a penalty, including closure.

Annual interest can be withdrawn (once this has been credited to the account) and will not reduce the number of withdrawals available to you.

How is interest calculated?

Interest is calculated on a daily basis and paid annually on 31st December.  The annual interest will be paid directly into this account with the Society.

Please refer to section 7 of the Savings Accounts General Terms and Conditions for further information on how we calculate interest.

Details of our full range of products and current interest rates are available on request at our branches, by telephone 01257 235003 or from our website www.chorleybs.co.uk/savings

Interest Rate Definitions

  1. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added to the account once each year.
  2. Gross – The gross rate of interest is the interest rate payable before any income tax is deducted (if you do pay tax)

Can Chorley Building Society change the interest rate? 

This account has a variable rate of interest and is subject to change; this means we may increase or decrease interest rates at any time. If we reduce the interest rate and you have at least £100 in your account, we will give you 14 days notification prior to the change and you will have a period of 30 days from the date of the notification to switch or close your account.

Please refer to section 7 of the Savings Accounts General Terms and Conditions for further information on how and why we may change the interest rate.

What would the estimated balance be after 12 months

based on a £1,000 initial deposit? 

Based on the current rate of interest, if you deposited £1,000 in this account, after 12 months your estimated balance would be £1,029.00.

This projection is for illustration purposes only and does not take into account your individual circumstances. The projection is based on no additional deposits, withdrawals or changes in the interest rate within the 12 month period and does not take into account your individual circumstances. The projection is based on no additional deposits, withdrawals or changes in the interest rate within the 12 month period.

How do I open and manage my account? 

Available to eligible UK residents up to the age of 16 only.

Account holders under the age of 7 years must have their account operated for them by an adult aged over 18 who will be called the ‘Young Savers Account Operator’. At the age of 7 years, an account holder can operate the account.

To open an account you will need to apply in branch or by post and let us have;

  • a fully completed Share Application Form;
  • at least the minimum deposit of £1; and
  • proof of identity, address and residency for the account holder and where applicable the account operator

The maximum deposit and total account balance allowed is £25,000.

This is a limited issue and the Society reserves the right to withdraw this product without notice at any time. If this product is withdrawn no further deposits will be allowed into this account.

Transfer of funds from existing Chorley Building Society accounts are not permitted.

This product can be opened and managed in branch, by post, and via Chorley Online where you are able to view transactions, check your balance and check interest rates. Please refer to the Society’s Savings Accounts General Terms and Conditions.

Can I withdraw money from this account? 

  • This account permits 2 withdrawals per year, without loss of interest or a penalty, including closure.
  • Interest is paid annually on the 31st of December. The annual interest can be withdrawn, and this does not count as one of the 2 withdrawals.
  • The account will mature on the child’s 16th birthday, with the balance becoming available on the next working day.  If you take no action on maturity, the balance will be automatically transferred into an easy access Young Chorleian Account, in the child’s name. The terms of the easy access Young Chorleian Account are available in branch or at chorleybs.co.uk/savings.
  • We will contact you at least 14 days prior to maturity to advise you of your options available at that time.
  • Withdrawals can be made by cash, cheque or CHAPs* (*subject to a £25 fee). Cheques requested by post or online for withdrawals or closures will be issued within 48 hours of receipt and posted 1st class to the account holder.

Additional Information

Whether you need to pay tax is dependent on your own personal circumstances and may be subject to change in the future. Interest is paid gross on all our savings accounts – except ISAs where it is paid tax-free. For more information on Tax Allowances please call HMRC on 0300 200 3300 or visit https://www.gov.uk/apply-tax-free-interest-on-savings

Financial Services Compensation Scheme

The Society is a member of the Financial Services Compensation Scheme. Your savings in this product may be covered, subject to eligibility. For more information contact the Financial Services Compensation Scheme, Telephone: 0800 678 1100 or 020 7741 4100, Email: ICT@fscs.org.uk, website: http://www.FSCS.org.uk

Contact us - 01257 235003 or https://www.chorleybs.co.uk/contact-us for further information.

Application Checklist

Must be a UK resident

We cannot offer accounts to people outside of the UK

Your Chorley account number

If you are already a member, so we can match you to your account

Your bank or building society account details

You may need a new account to send withdrawals and interest to

Be under the age of 16 years old

This account is available to customers under the age of 16

Have read the product information and the following documents

Please ensure that you have read and understood the terms and conditions of the product you are applying for. These are detailed above, in the summary box. By proceeding with an application, you are confirming that you have read and understood the product specific terms and conditions. Please also ensure that you read the below documents before you apply. You can print or save these documents for your records.

 

Please speak to a member of our branch team if you have any queries.

Useful Links

Savings Accounts Terms and Conditions
Tariff of Fees and Charges
FSCS Information Sheet and Exclusions List
Identification Criteria (If we need more information from you)

Ways to apply

By Post

Before you apply, please make sure that you have read and understood the account summary and application checklist above. You can download the application form online, print and post back to us.

In Branch

Before you visit, please ensure you have valid identification and necessary documents and please read the summary and the application checklist above.