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.
- 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
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.|
Rates effective from 3rd April 2009
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.
Interest will be paid at the gross rate.
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 two parents. This interest is liable for tax.
The introduction of the new Personal Savings Allowance means that from 6th April 2016 most people will no longer pay tax on their savings income. The allowance is £1,000 for basic rate taxpayers and £500 for higher rate taxpayers. From this date, we stopped deducting tax from the interest you pay on your savings. If your total taxable income is less than the current £17,000 allowance you will pay no tax at all on your savings income.
If you have any savings income over your personal savings allowance you will have to pay some tax on this. HMRC will normally collect the tax by changing your tax code. If you already fill in a self-assessment tax return you should carry on doing this and include any income from savings on your return. If you have previously completed a form to receive interest tax free (an R85/R105) you will no longer need to do so from April 2016.
Interest that relates to periods before April 2016 but paid afterwards will not have tax deducted. In a few isolated cases, some interest – for example, on compensation – will still have tax deducted. This interest counts towards your personal savings allowance.
If you have any questions and/or need to reclaim this tax, or you need further information on how the allowance works please contact HMRC. Unfortunately we are unable to help you with this.
Tax treatment and rate of interest payable will depend on individual circumstances and may change in the future.
Terms and conditions
Terms and conditions
Before choosing this account, please read all the terms and conditions.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 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.
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.
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
FREEPOST THE CAMBRIDGE BUILDING SOCIETY (Please use upper case text)
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