Children's Regular Saver

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Children's Regular Saver

Key Features

Children’s Regular Saver

2.65% Gross pa/AER

Open with £1

Unlimited withdrawals

Our Children’s Regular Saver allows deposits of up to £150 per month.  Unlimited withdrawals are allowed.

How is interest calculated?

Interest is calculated on a daily basis and paid annually on 31st May.  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 £150 per month deposit? 

Based on an opening date of 1st January at the lower rate of interest, if you deposited £150 per month in this account, after 12 months you would have £1,825.94. This projection is for illustration purposes only and does not take into account your individual circumstances. This assumes that an initial investment of £150 is made on 1st January, additional investments of £150 are made on the 1st day of subsequent months, and that no withdrawals or changes in 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 your identity and address for the account holder and where applicable the account operator.

The maximum monthly deposit is £150 per month, backdated monthly deposits are not allowed.

The maximum balance is £500,000 and the overall maximum holding by any one person in respect of all savings accounts with the Society is £500,000.

Transfers in from other Chorley Building Society Accounts are permitted.

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.

Only one Children’s Regular Saver account per customer can be held.

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 is an easy access account and you may withdraw by cash, cheque or CHAPS* (*subject to a £25 fee). Cheques requested by post for withdrawals or closures will be issued within 48 hours of receipt and posted 1st class.

Withdrawal conditions apply, please refer to section 9 of the Savings Account General Terms and Conditions for further details.

The account will mature on the child’s 16th birthday.  The account balance will then be available on the next working day. ‘Working day’ means a day other than a Saturday, Sunday or Bank Holiday. We will contact you at least 14 days prior to maturity to advise you of the options available at that time.

If you take no action on maturity, the balance will be automatically transferred into an easy access Young Chorleian Account within the Society bearing the account holder’s name. The terms of the easy access Young Chorleian Account are available in branch or at www.chorleybs.co.uk/savings.

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 accouns 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

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

Be under the age of 16 years old

This account is available to customers up to 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.