The 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.
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.
|What is the interest rate?||
Interest rates are variable.
We calculate interest on the balance of your account at the end of each day. You earn interest from the day your funds are paid into your account, until the day before you withdraw your funds.
Interest is paid annually on 31st December and on the maturity date.
|Can The Cambridge change the interest rate?||
We may change interest rates at any time if we reasonably believe that the change is needed. For full details on how we can change interest rates and the notice we will give you, please see Condition 10 of our 'Terms and Conditions for Savers'.
|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.
|How do I open and manage my account?||
Available to account holders up to the age of 21. For children under the age of 10, the account must be controlled by an adult.
You can open and manage your account at any of our local branches or via post.
You can pay in cash and cheques and make debit card payments at any of our local branches or you can transfer funds from an existing Cambridge Building Society account. You can also manage your account via post and make debit card payments over the phone.
Open with just £1 and invest up to £10,000.
The overall maximum holding by any one person in respect of all accounts with The Cambridge is £1,000,000.
|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 an Instant Sapphire 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.
|into your account Additional information||
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.
The First Account can be opened in branch or via post.
Terms and Conditions
Before choosing this account, please read all the terms and conditions.
If you do not understand any point, please call us on 0345 601 4021 for further information.
Verifying your identity
When applying for a First Account we'll need to verify your identity as well as the child's. We normally use an electronic verification system to verify the identity of the account holder(s) but there may be occasions where we may need to ask you for further proof of your identity. We'll also need to see documented proof of the child's identity. Our Verifying your identity page includes our requirements for both account holders and children under 18.
To apply by post
To apply by post you need to download and complete the application form available below. Once you have completed your application form please send it with your cheque deposit and proof of the child's identity to the freepost address below. Cheques should be made payable to the account holder e.g. Mr A Anon. Please be aware we have no control over timescales for the freepost postal service.
FREEPOST THE CAMBRIDGE BUILDING SOCIETY (Please use upper case text)
Financial Services Compensation Scheme (FSCS)
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.
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