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Children’s Regular Saver

This account is suitable for those who are looking to open a savings account on behalf of a child, or for children between the ages of 13 and 17 who wish to operate the account themselves. It’s suitable for those looking to save regularly towards a savings goal.

The account is not available to anyone aged 18 or over. It is also not suitable for those looking to save more than £250 per calendar month or withdraw money before achieving their savings goal.

Rate

4.25% Gross /AER

Postcode Restricted

Access

No Only available on closure of account

Interest

Annually

Minimum Investment

£1

About this account

What is the interest rate?

This account offers a variable rate of interest, as follows:

	Annual Interest
Minimum Balance	Gross*	AER**
£1	4.25%	4.25%

Interest will be paid to the account on 1 December each year.

Can Hinckley & Rugby Building Society change the interest rate?

We may change interest rates at any time if we reasonably believe that the change is needed, for any of the reasons outlined in the Savings Account Terms and Conditions booklet, Condition 7.

What would the estimated balance be after 12 months?

If you made the initial deposit of £250, and saved £250 on the first day of each subsequent month, the estimated balance after a 12 month period would be £3,069.06.

These figures are provided for illustrative purposes only and assume there are no changes to the interest rate paid on the account. They do not take into account your individual circumstances.

How do I open and manage my account?

This account can be opened and operated in a child’s name on their behalf by a nominee – a parent, relative or guardian. Alternatively if a child is aged 13 or over but under 18, they can open and operate the account themselves.

This account can be opened and managed by post or at any of our branches and agencies. Complete the application form, and take it along with your deposit and identification to one of our branches or agencies, or post them to us at the address in this document. Please make cheques payable to the child’s name.

Please note, the minimum deposit must be credited to the account within 5 working days of the account being opened. If you fail to do so, you will be required to restart the application process. The minimum deposit required to open and maintain this account is £1.

You can save up to £250 each month, but if you choose to save less than that in any month the difference does not roll over – £250 is the monthly limit.

If you make a payment that causes you to go over the monthly allowance, the whole payment will be returned to you.

Payments to your account are managed by you and are your responsibility. You should check your payments are being made successfully each month.

The overall maximum holding by any one member in respect of all savings accounts with the Society is £500,000.

Can I withdraw money?

Access to funds is only available on closure of the account, which can be made at any time without notice or penalty, and must be made payable to the child’s name by cheque. Partial withdrawal of funds is not allowed.

We will write to the child and the nominee (if applicable) before the child turns 18 to advise them that the account will automatically be changed to an Easy Access account or nearest equivalent available on their 18th birthday. At the same time any nominees will be removed from the account and the child will be able to operate the account independently. Further deposits and withdrawals can then be made without notice or penalty once identification requirements have been satisfied.

Additional information

There’s usually no tax to pay on children’s accounts. Visit www.gov.uk/savings-for-children for more information.

*Gross rate – the annual rate of interest to be paid on a savings account without any deduction being made in respect of personal Income Tax liability.

**AER – stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added once a year.

Identification Requirements

We need to confirm the identity of every customer who applies for an account with the Society. We do this to protect you against the risk of identity fraud and to comply with money laundering regulations.

FOR YOUNG SAVERS UNDER 18 YEARS OF AGE

We will need to see either your birth certificate or passport, and a document confirming your address. This could be a bank statement or utility bill and can be in the name of a parent or guardian living at the same address if not available in your name. These documents need to be originals, not photocopies, and they will be returned to you as quickly as possible.

If a nominee is registered on the account the document to confirm your address is not required.

FOR PARENTS, RELATIVES OR GUARDIANS WISHING TO OPERATE AN ACCOUNT FOR A YOUNG SAVER

We use an electronic verification system when you open a savings account. If this is successful, you will not need to do anything. However, in certain cases you will be asked to provide additional proof of identity (for example if you are not listed on the electoral roll or you have recently moved house).

If you are required to provide additional identification, you must supply two items acceptable to the Society to verify your name and address. The Society will be unable to open your account until we have completed identification procedures.

If you think you will need to provide identification, please see our website for details of acceptable documentation www.hrbs.co.uk/proving-your-identity or contact us to discuss.