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Young Savers
Young Savers
Account Name
Interest Rate
Opening Balance
Type of Account
Withdrawals
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Account Name
Junior Cash ISA
Interest Rate
2.50% Tax-free pa/AER
Opening Balance
£1
Type of Account
Junior Cash ISA
Withdrawals
None Permitted
Our Junior Cash ISA does not allow withdrawals and will mature on the child’s 18th birthday.
Account Name
Children's Future Saver
Interest Rate
2.50% Gross pa/AER
Opening Balance
£1
Type of Account
Children's Future Saver
Withdrawals
2 withdrawals per year
Our Children’s Future Saver allows two withdrawals per year without loss of interest or a penalty, including closure.
Annual interest can be withdrawn (once this has been credited to the account) and will not reduce the number of withdrawals available to you.
Account Name
Children's Regular Saver
Interest Rate
2.50% Gross pa/AER
Opening Balance
£1
Type of Account
Children's Regular Saver
Withdrawals
Unlimited withdrawals
Our Children’s Regular Saver allows deposits of up to £150 per month. Unlimited withdrawals are allowed.
Frequently asked questions
A children’s savings account is a great way to help young savers learn the importance of saving money and earn interest.
The account is opened in the child’s name but for children under 7 years old, an adult, acting as the authorised signatory must operate the account. Children over 7 years old can operate the account.
Accounts may vary in terms of access and the number of withdrawals allowed. E.g., some accounts do not restrict how many withdrawals can be made, whereas others may have a maximum number of withdrawals that can be made from the account. The specific product guide for your chosen child’s account will confirm this.
Interest on our children's accounts is not tax free. Whether you or your child need to pay tax is dependent on yours and your child's own personal circumstances and may be subject to change in the future. Interest is paid gross on all our savings accounts, except ISAs, where it is paid tax-free. For more information on Tax Allowances please call HMRC on 0300 200 3300 or visit https://www.gov.uk/apply-tax-free-interest-on-saving
Yes, our children’s accounts are covered by the Financial Services Compensation Scheme (FSCS), the UK's deposit guarantee scheme. Chorley Building Society is a member of the FSCS, this means eligible deposits with Chorley Building Society are protected up to a total of £85,000.