Council Saver

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What could you get?

Your interest rate will be 1.50%

Your estimated balance after 1 years will be 21,546.55

This estimate is for illustration purposes only and assumes your savings are paid in on the 1st January and no further deposits or withdrawals are made

Summary box

Account name

Council Saver

What is the interest rate?

Your interest will be paid annually, on the 31st December.

We calculate the interest on the balance of your account at the end of each day.

Minimum investment Gross p.a. / AER %
£1,000+ 0.25%

You earn interest from the day your funds are paid into your account, until the day before you withdraw your funds.

Can The Cambridge change the interest rate?

Interest rates are variable, that means we may change interest rates at any time if we reasonably believe that the change is needed.

See the ‘interest’ section of Terms and Conditions for full details.

What would the estimated balance be after 12 months with a £1,000 deposit?

The following projection assumes the account is opened on 1st January and no further deposits or withdrawals are made. Projections are for illustrative purposes only and do not take into account individual circumstances.

Deposit

Gross p.a. / AER %

 Estimated balance after 12 months

£1,000

0.25%

 £1002.50

How do I open and manage my account?

Opening the account:

  • open in branch or via post
  • the minimum amount required to open the account is £1,000
  • invest between £1,000 and £2,000,000
  • available to Parish and Town Councils
  • the account must be opened with a cheque drawn from a UK bank account bearing the name of your Council
  • the overall maximum holding by any one council with The Cambridge is £2,000,000

Manage the account:

  • manage your account in branch or via post
  • savings will only be accepted into the account via a cheque drawn from a UK bank account bearing the name of your Council.
  • you can view and amend your details online or via The Cambridge money app. Once registered you can also use our online services to manage your account

Can I withdraw money?

You can withdraw cleared funds from your account, up to a maximum of twice a month, without giving notice or paying a fee. Withdrawals can only be made by cheque payable to your Council. Our normal branch limits for cheque withdrawals is £250,000. Larger cheque withdrawals are available upon request. We require at least four working days before cheques paid into your account can be drawn against.

Additional information

No tax will be automatically deducted from the interest paid on this account.

Tax treatment and rate of interest payable may change in the future.

Apply now

Here is some important information to review before you open your account:

  1. Product terms and conditions

    Please read all the terms and conditions for this product

  2. Savings terms and conditions

    Please read The Cambridge Building Society’s savings terms and conditions

  3. Financial Services Compensation Scheme (FSCS)

    We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to you if a building society is unable to meet its financial obligations.

    Please read the FSCS Information Sheet. It provides basic information about the protection of your savings deposit.

To open an account in branch pop in and speak to one of the team.

Find a branch

To apply by post download, print and complete the application form below.

Council_Account_Application_Form.pdf

Post the form, along with your cheque deposit (made payable to the account holder e.g. Mr A Anon).

Simply address your envelope (using upper case letters) to:
FREEPOST THE CAMBRIDGE BUILDING SOCIETY

More information

You may also like to read about our complaints process and the steps you can take to protect your account

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