Children's Regular Saver
A children's savings account to help them learn to start saving and get them into the savings habit. With help from Jenny and Rory, this account will teach children how to save towards a goal and have fun along the way.
When you open a Children's Regular Saver your Welcome Pack has some helpful things to get you started. A Savings Chart, to remind you to save each month, you can use the stickers to help you track how much you have saved and watch your money grow. And finally your Children's Passbook to help you keep track of what you have paid in.
Every month you can come into your local branch as many times as you like, and put your pocket money or birthday money into your account, up to the value of £100. This will help you save for the things you really want to buy.
Throughout the year we want to be in touch with you or your guardian via email to help you keep on track with your savings. We will give you savings tips and tell you when we are having events, giveaways or competitions!
Please ensure that you read Savings Terms & Conditions.
Limited availability and can be withdrawn at any time.
Key product information
Children's Regular Saver
|What is the interest rate?||
current rates valid from 1 December 2015
previous rates not applicable
If your account falls below the minimum balance of £5, you will earn a fixed rate of 0.05% gross/AER*, until the account returns to the required minimum balance.
Interest is calculated daily and is paid on maturity.
|Can Saffron Building Society change the interest rate?||
The interest rate for this account is fixed, which means it won't change for the duration of your product term.
|What would the estimated balance be after 12 months?||
The following projection is provided for illustrative purposes only and does not take into account your individual circumstances. It assumes no withdrawals are made and that you deposit the maximum amount allowed each month.
|How do I open and manage my account?||
Our Children's Regular Saver is limited to one account per child. To open an account you must be a UK resident, aged 15 or under. Children under the age of 13 need to have an adult to act as nominee or trustee. Children aged 13 or over can have the account in their sole name or an adult can act as a signatory on the account.
You can open and manage this account at any of our branches or by post.
The minimum deposit needed to open this account is £5; the maximum opening deposit is £100. The maximum balance is £1,200 (12 x £100 per calendar month)
|Can I withdraw money?||
You can withdraw cleared funds from your account at any time. You can withdraw up to £500 in cash per day and up to £100,000 by cheque in branch or by post.
Your account will mature 12 months from the date of the initial deposit. When your account matures it will automatically switch to a variable rate Maturity Easy Access account.
Money cannot be withdrawn by electronic transfer.
Interest will be paid gross, which means no tax will be deducted. We are unable to provide any tax advice. Please contact HMRC for any queries on Individual Personal Tax and to see if tax is due on your savings interest.
* The gross rate is the rate before deducting tax at the rate applicable to savings income. The annual equivalent rate (AER) is a notional rate which illustrates what the gross interest rate would be if the interest was paid and added to the account annually.
What if I change my mind?
This is an immediate access account, if you decide that the account isn’t right for you, you can switch to another account or you can have your money back – without penalty or notice. We will close your account and return your cleared funds to you; interest will be paid on the balance of your account up to the day before closure.
Alternatively, if you wish we can arrange for a free savings review to help you find the savings account best suited to your needs.
Paying money in
Each month, for a maximum of 12 months, you can make payments from £5 up to £100, into your account at any of our branches or by post. Deposits can be made by cash, cheque, or transfer from another bank or building society account. Where deposits are made by cheque we require at least seven working days before the funds are available to withdraw.
To ensure you receive the maximum monthly interest your payment needs to reach your account by the end of each month for it to be counted. Missed payments can’t be backdated.
Consent to open this account by the parent/guardian is required on the application form.
Financial Services Compensation Scheme (FSCS)
Your eligible deposits with Saffron Building Society are protected up to a total of £85,000 by the FSCS, the UK's deposit protection scheme. Any deposits you hold above the £85,000 threshold are not covered. You can visit www.fscs.org.uk for more information.
The information you've just read is a brief at a glance view of this savings account. Before you choose this account it's important that you read and understand the Savings Terms & Conditions.
Find out more
If you have any questions relating to this product, or any of the other products and services we offer please contact us
This product is no longer available to new customers
How much will I save
Jenny and Rory
If you make the maximum payment of £100 on the 7th of each month for the full 12 months you will receive approximately £26 (in gross interest*), at the end of the term.
When saving with Saffron Building Society, your money is kept safe. The more you put in and the longer you leave it the more it can grow, helping you reach your savings goal.