Young Saver Accounts
Types of Young Savers Accounts:
Child Trust Fund 2nd issue
The Child Trust Fund is a savings initiative which has been introduced by the Government to encourage children and their families to save for the future.
The Earl Shilton offers the following types of CTF Accounts:
- Cash Savings Account (Non-Stakeholder)
- Stakeholder Account (In conjunction with Kingston Unity Friendly Society)
To find out more about the Child Trust Fund, ring us on 01455 844422, visit one of our branches, or view our CTF leaflet.
Please ensure this account is suitable for you.
- Tax free saving
- No withdrawals until the child reaches 18
- From 6th April 2014 - 30th June 2014 the Child Trust Fund subscription limit is £3,840. From 1st July 2014 the yearly subscription will increase to £4,000. Subscriptions can be made by family and friends, even without the passbook.
- The Child Trust Fund will be in the beneficial ownership of the child
- Due to government legislation no new Child Trust Fund accounts can be opened. Existing Child Trust Fund accounts held at other financial institutions may be transferred to Earl Shilton Building Society following completion of a transfer application form by the registered contact.
- Interest is calculated daily and is variable. Interest is compounded annually on the child's birthday. An annual statement will be issued.
- Stakeholder accounts must conform to a set of voluntary standards for deposit products set by the Government relating to charges, access and terms of the account. Our cash based Child Trust Fund is non-stakeholder. However, we offer a stakeholder Child Trust Fund through Kingston Unity Friendly Society. Details available from the Earl Shilton Building Society
- The child, or registered contact, may not apply for, or hold, more than one Child Trust Fund for the same child. However, transfers may be made to or from Earl Shilton Building Society without charge
- The Child Trust Fund is a Government initiative and the information pack issued by HM Revenue & Customs should be read prior to opening an account
If you want to get into the idea of saving and managing your money; our Foundation Account could be for you.
- Minimum investment and operating balance £250, additional subscriptions from £1
- Maximum investment £10,000
- The Account may only be opened by under 18's, sole investors only
- 3 withdrawals per year (1st March to end of February inclusive) subject to daily cash limits
- 4th withdrawal closes account. A new one cannot then be opened for 12 months.
- The account is limited to one per investor.
- Interest is calculated daily and is variable. Interest is compounded annually on the last day of February and may only be added to the account.
- Proof of age will be required when opening an account.
- The account closes at age 21 and unless other instructions are received, the account will be transferred into an instant access account.
To find out more about the Foundation Account, ring us on 01455 844422, visit one of our branches, or view our Foundation Account leaflet. Please ensure this account is suitable for you.
Savings acount for young people up to 18 years old.
- Minimum Balance £1
- Maximum Balance £1000
- Available up to age 18 years.
- Interest is calculated to the end of February and is available from the 1st of March.
- Interest is calculated daily and is variable.
- Free Money Box with every account opened.
- Free giveaways from time to time.
- Instant Access
- Once the age of 18 is reached, the account will be converted into a Double Top Account. Further identification would be required at this time.
To find out more about the Early Saver Account, ring us on 01455 844422, visit one of our branches, or view our Early Saver leaflet. Please ensure this account is suitable for you.
- Savings Introduction
- Young Saver Accounts
- Cash ISAs
- Regular Savers
- Progress Account
- Instant Access
- Notice Accounts
- Heritage Account
- Business Accounts
- Terms & Conditions for ESBS Retail Savings Accounts
- Proving Your Identity
- Administration Fees
- Electronic Payments
- Current Interest Rates
- Future Interest Rates - 1st March 2015
- Piggy Bank Competition