The Cambridge First Account
Features & Benefits
Features & Benefits
- Special high interest account for young savers
- Available to account holders up to age 21
- Open with just £1
- Maximum balance of £10,000
- Instant access – no notice – no penalties
- Withdrawals are restricted to two per calendar month
- If you are under 18 cash withdrawals are restricted to a maximum of £100 per day
- Interest paid annually on 31st December
|Key Product Information for our Savings Account|
|Account name||The Cambridge First Account|
|Interest rates (AERs)||Interest rates are variable. Current interest rates can be found in the interest rates tab.|
|Tax status||Interest is paid net of tax unless you have registered to receive interest with no tax deducted. If you have registered, interest will be paid gross.|
|Conditions for bonus payment||Not applicable.|
|Withdrawal arrangements||Take out cleared funds from your account twice a month without interest penalty.|
|Access||You may operate your account at any of our local branches, via post and payments can be made into the account over the telephone using a debit card. Our normal branch limits for withdrawals are £500 in cash and up to £250,000 by cheque.|
Rates effective from 3rd April 2009
Interest rates are variable.
Interest paid annually on 31st December.
Interest will be paid at the net rate after the appropriate rate of income tax (currently 20%) has been deducted, or gross on receipt of the required declaration form. Where interest is paid net, the income tax may be reclaimed if the amount deducted exceeds the saver’s tax liability. Tax treatment and rate of interest payable will depend on individual circumstances and may change in the future. Net rates are illustrative only and have been rounded to two decimal places.
We calculate interest on the balance of your account at the end of each day. You earn interest from the day you pay funds into your account until the day before you withdraw your funds.
When interest rates increase we will advertise the new rates, within three working days of the change, in at least two local newspapers (usually Cambridge News and Weekly News) and by placing notices in our branches. We will also place a notice on our website.
When interest rates reduce, we will personally tell you about it at least 14 days before we make the change if the change is material. Please refer to condition 7.7 of the ‘Terms and Conditions for Savers' for a more detailed explanation.
Terms & Conditions
Terms & Conditions
Please read all the terms and conditions before applying to open an account.Back to top
Our First Account can be opened via branch, post or telephone. To apply by post you need to download and complete an application form which is available below.
For your own benefit and protection, you should read the "Terms & Conditions for Savers" and the First Account Special terms & conditions before applying to open the account. If you do not understand any point, please call us on 0345 601 4021 for further information.
To apply by post
Once you have completed your application form please send it with your cheque deposit and certified proof of identification to the freepost address below. Cheques made payable to the Society must also include the account holders name eg. The Cambridge Building Society, account name.
Customer Contact Centre
The Cambridge building Society
51 Newmarket Road
To apply by phone
0345 601 4021
Mon-Fri: 8.30am - 8.30pm
Sat: 9am - 5pm
We can complete secure payments over the telephone. We can accept payments from the following debit cards:
- Visa Electron
- V Pay
Verifying your identity
When applying for an account we will need to verify your identify as well as the child's.
Child: Certified Birth Certificate
Signatory (usually Parent or Guardian): Please see our Verifying your identity page to check the requirements.
If you have any queries regarding our savings accounts or the account opening process, please do not hesitate to contact us on 0345 601 4021.Back to top