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 (Issue 2) 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!
Children's Regular Saver (Issue 2)
The information below provides an overview of the account and the Account Specific Rules and Criteria.
Please ensure that you also read the Savings Terms & Conditions.
Limited availability and can be withdrawn at any time.
Children's Regular Saver (Issue 2)
|What is the interest rate?||
The interest rate paid on the account will be paid as below:
current rates valid from 2 April 2020
previous rates valid from 1 December 2015 to 1 April 2020 and refer to the previous issue of the account
Interest is calculated daily and paid gross; without the deduction of tax, into your account on 31 December and again at the end of the 12 month term.
|Can Saffron Building Society change the interest rate?||
The interest rate for this account is fixed, which means it won’t change during the 12 month account term.
|What would the estimated balance be after 12 months?||
The following projection is provided as an example only and doesn’t take into account your individual circumstances. It assumes no withdrawals are made and that you deposit the maximum amount of £100 each month.
|How do I open and manage my account?||
To be eligible to open this account you must:
Please Note: Before we can open your account, we will confirm your identity using electronic searches and paper based evidence. Please refer to our Identifying You and Preventing Fraud leaflet.
To manage your account:
To ensure you receive the maximum monthly interest your payments need to reach your account by the 28th of each month for them to be counted. Any missed payments cannot be backdated.
|Can I withdraw money?||
You can withdraw cleared funds from this account at any by presenting your membership document and signing a withdrawal slip.
Cash withdrawals are allowed up to a maximum limit of £1,000 per day. Cheque withdrawals are allowed up to the maximum balance of your account and must be made payable to the child. Money cannot be withdrawn by electronic transfer.
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.
Once opened, your account will mature after 12 months. It will automatically switch to a variable rate Maturity Easy Access account unless you instruct us otherwise. All funds will be made payable to the child.
If you decide this account isn’t right for you, you can close your account. Cleared funds will be returned to you with the inclusion of any interest earned.
You may need to pay tax on any interest that exceeds your Personal Savings Allowance. For more information, please contact HMRC or visit www.hmrc.gov.uk.
Our full Savings Terms & Conditions will be provided to you before opening this account; you can ask us for a copy at any time.
* 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.
Account Specific Rules and Criteria – Effective from 2 April 2020
Where the Savings Terms & Conditions are inconsistent with the account specific rules and criteria, these account specific rules and criteria will apply and will take priority.
- All funds invested belong to the child.
- 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. Please contact HMRC for advice.
- This account is intended to encourage healthy savings habits within younger savers. If you would like us to contact you throughout the account term with additional information such as hints, tips and competitions, please provide us with your email address 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.
Find out more
If you have any questions relating to this account, or any of the other accounts and services we offer please contact us
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.