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Monday to Friday 8:30am - 8:30pm
Saturday 9:00am - 5:00pm

Savings: 0345 601 4021
Mortgages: 0345 601 3180
Other enquiries: 0345 601 3344
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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
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Product Summary

Product Summary

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.
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Interest Rates

Interest Rates

Rates effective from 3rd April 2009

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 (currently 20%).


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.

Net p.a.%

The Net rate is the rate paid after income tax has been deducted (currently 20%).

£1+ 1.70 1.70 1.36

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.

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Terms & Conditions

Terms & Conditions

Please read all the terms and conditions before applying to open an account.

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 & 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.

Download Terms and Conditions for Savers

Download The Cambridge First Account Special terms and conditions

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.


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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