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
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 %|
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.
Gross p.a. / AER %
Estimated balance after 12 months
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
- available to account holders up to the age of 21
- accounts must be controlled by an adult for children under the age of 10
- invest between £1 and £10,000
- the overall maximum holding by any one person in respect of all accounts with The Cambridge is £2,000,000
- to open your account we need to verify your child's and your identity, see here for more information about the documents you'll need to provide
Manage the account:
- manage your account in branch or via post
- you can pay in cash and cheques and make debit card payments at any of our branches or you can transfer funds from an existing Cambridge Building Society account
Can I withdraw money?
You can withdraw cleared funds from your account, up to a maximum of twice a month, without notice or paying a fee. You can withdraw up to £100 in cash (up to £500 if the account holder is aged 18 or over).
The First Account will mature and close on the account holder's 21st birthday. Upon maturity the funds including any accrued interest will transfer to the Maturity Account which provides instant access to your money.
We require at least four working days before cheques paid into your account can be drawn against.
No tax will be automatically deducted from the interest paid on this account.
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.
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.
Here is some important information to review before you open your account:
Product terms and conditions
Please read all the terms and conditions for this product
Savings terms and conditions
Please read The Cambridge Building Society’s savings terms and conditions
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.
The First Account can be opened in branch or via post.
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.Childrens 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
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