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The Cambridge First Account

Our First Account allows you to save for a child during the early years and then give them more responsibility as they get older. There’s no minimum age limit to open an account and your young one can continue to save in the account up to the age of 21.

Key features

Key features

  • Special high interest account for young savers
  • Available to account holders up to the age of 21
  • Open with just £1 and invest up to £10,000
  • The minimum balance to keep the account open is £1
  • Withdrawals are restricted to two per calendar month
  • If the account holder is under 18 then cash withdrawals are restricted to a maximum of £100 per day
  • For children under the age of 10, the account must be controlled by an adult
  • Interest is calculated daily and paid annually on 31st December and on maturity
  • First Account will mature and close on the account holder's 21st birthday
  • Upon maturity the funds including any accrued interest will transfer to an Instant Sapphire Account
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About the account

About the account

The information below will give you an overview of the account, but please read the terms and conditions for all the details.

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 No tax will be automatically deducted from the interest paid on this account.
Conditions for bonus payment Not applicable.
Withdrawal arrangements You can take out cleared funds from your account, up to twice a month, without giving notice or paying a fee.
Access You may operate your account at any of our local branches or via post. Payments can be made into the account using a debit card, in branch or over the telephone.
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Interest rates

Interest rates

Rates effective from 2nd September 2016

Minimum investment
Gross p.a.%

The Gross rate is the contractual rate of interest payable before deduction of income tax at the rate specified by law.


The Annual Equivalent Rate (AER) is a notional rate which illustrates what the gross interest rate would be if interest was paid and added to the account annually.

£1+ 1.30 1.30

The Cambridge First Account rate is variable. When interest rates change we’ll advertise the new rates, within three working days of the change, in at least two local newspapers (usually Cambridge News and their ‘News’ Series), by placing notices in our branches and on our website. When interest rates reduce, and the change is material, we will personally tell you about it at least 14 days before we make the change. Please refer to the ‘Terms and Conditions for Savers' for a more detailed explanation.

Interest is calculated daily and paid annually on 31st December, interest is also paid on account maturity when the account holder turns 21. The annual interest can be added to the balance of the account or transferred to another account held with us or another bank or building society. Where interest is paid to an account with another provider it will reach the account the day after payment.


You need to tell HMRC if your child earns more than £100 in interest from money given by one parent, or more than £200 if given by 2 parents, this interest is liable for tax.

The introduction of the new Personal Savings Allowance on 6th April 2016 means most people will no longer pay tax on their savings income. Interest will be paid at the gross rate. You may need to pay tax on any interest that exceeds your Personal Savings Allowance. For more information please contact HMRC.

Tax treatment and rate of interest payable will depend on individual circumstances and may change in the future.

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Terms and conditions

Terms and conditions

Before choosing this account, please read all the terms and conditions.

Download Terms and Conditions for Savers

Download The Cambridge First Account Special terms and conditions

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Apply now

Apply now

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 and Conditions for Savers" and the First Account Special terms and conditions before applying to open the account. If you do not understand any point, please call us on 0345 601 4021 for further information.

Download Terms and Conditions for Savers

Download The Cambridge First Account Special terms and conditions

Financial Service Compensation Scheme

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a building society is unable to meet its financial obligations. It's important that you read the FSCS Information Sheet. It provides basic information about the protection of your savings deposits.

Download FSCS Information Sheet

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 should be made payable to the account holder e.g. Mr A Anon


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
- Visa Electron
- Maestro
- Solo
- V Pay

Verifying your identity

When applying for an account we will need to verify your identify as well as the child's.

Identification requirements:

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.

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