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The Cambridge First Account

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 restricted to two per calendar month
  • Interest paid annually on 31st December
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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

The Cambridge First Account
Rates effective from 3rd April 2009

Minimum investmentGross p.a. %AER %Net p.a. %
£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

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

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 0845 601 3344 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.

Customer Contact Centre
Cambridge Building Society
FREEPOST CB357 (No stamp required)
PO Box 232
Cambridge
CB5 8BR

To apply by phone

0845 601 3344

Mon-Fri: 8.30am - 8.30pm
Sat: 9am - 6pm
Sun: 11am - 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 both your and the childs identities.

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 0845 601 3344.

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© 2014 The Cambridge Building Society. The Cambridge Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Registration Number 157223 http://www.fca.org.uk). The Cambridge Building Society Registered Office: PO Box 232, 51 Newmarket Road, Cambridge, CB5 8FF. This site is intended for UK residents only. All communications with us may be monitored/recorded to improve the quality of our service and for your protection and security. Calls to The Cambridge Building Society’s 0345 numbers will be charged at local rate. Prices can be checked with your phone provider. Mobile calls usually cost more.