Child Trust Fund Account - 2nd Issue
The Child Trust Fund (CTF) is a savings initiative which has been introduced by the Government to encourage children and their families to save for the future.
esbs offers the following types of CTF Accounts:
- Cash Savings Account (Non-Stakeholder)
- Stakeholder Account (In conjunction with Kingston Unity Friendly Society)
The Cash Savings Account may only be opened by people living within the post code areas of LE, CV9-13 inclusive and DE11-15 inclusive.
Existing account holders may continue to make transactions within the normal terms and conditions of the accounts.
The Information provided is a summary of the key features of the savings account and is not intended to be a substitute for reading the terms and conditions that apply to the account.
|What is the Interest Rate?||2.25% Gross/2.25% AER
AER stands for Annual Equivalent Rate. It illustrates what the interest rate would be if interest was paid and compounded each year.
Interest is calculated daily and is variable. Interest is compounded annually on the child’s birthday.
See our current interest rates for all savings accounts.
|Can esbs change the Interest Rate?||We may change interest rates at any time if we reasonably believe the change is needed. Please refer to Condition 7 – Interest in the Terms and Conditions for esbs Retail Savings Accounts for further details.|
|What would the estimated balance be after 12 months based on a £1,000 deposit?
|The projected balance based on the current interest rate is £1,022.50.
This projection is provided for illustrative purposes only and does not take into account the individual circumstances of the customer.
|How do I open and manage my account?||
|Can I withdraw money?||