Children's Future Saver

This product can be opened and managed in branch or by post. You can view transactions, check your balance and check interest rates on Chorley Online. Please refer to the Society’s Savings Accounts General Terms and Conditions and Chorley Online Terms and Conditions.

Eligibility Criteria

• Available to eligible UK residents up to the age of 16 only.  
• Account holders under the age of 7 years must have their account operated for them by an adult aged over 18 who will be called the ‘Young Savers Account Operator’.  At the age of 7 years, an account holder can operate the account. 
• Transfer of funds from existing Chorley Building Society accounts are not permitted.

To open an account you will need to apply in branch or by post and let us have; 

• a fully completed Share Application Form; 
•  at least the minimum deposit of £1; and 
• proof of identity, address and residency for the account holder and where applicable the account operator.
   
• The maximum deposit and total account balance allowed is £25,000. 

This is a limited issue and the Society reserves the right to withdraw this product without notice at any time. If this product is withdrawn no further deposits will be allowed into this account. 

• This account permits 2 withdrawals per calendar year (running from January to December each year), without loss of interest or a penalty.
• If more than 2 withdrawals are made within a calendar year your account will be closed.
• You can close your account at any time and this will not count as one of your six withdrawals. 
• Interest is paid annually on the 31st of December. The annual interest can be withdrawn, and this does not count as one of the 2 withdrawals.
• Withdrawals can be made by cash, cheque or CHAPs* (*subject to a £25 fee). Cheques requested by post for withdrawals or closures will be issued within 48 hours of receipt and posted 1st class.
• The account will mature in readiness of the account holder's 18th birthday and the full balance including interest will be available on the account holder's birthday (or the next working day if this falls on a Saturday, Sunday or Bank Holiday). If you take no action on maturity the balance will be automatically transferred into an easy access Young Chorleian Account within the Society bearing the account holder's name. 
• We will contact you at least 14 days prior to maturity to advise you of the options available at that time. On maturity you may withdraw by cash, cheque or CHAPs* (*subject to a £25 fee). Cheques will be issued within two working days of maturity and posted 1st class to the account holder. 

The terms of the easy access Young Chorleian Account are available in branch or at www.chorleybs.co.uk/savings. 

Withdrawal conditions apply; please refer to section 9 of the Savings Accounts Terms and Conditions and section 8 of the Chorley Online Terms and Conditions for further details. 

Whether you need to pay tax is dependent on your 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-savings

Changing your mind

Once you have opened an account, you have 14 days to let us know that you have changed your mind. The 14 days will start after the account is opened or, if later, after you first receive (on paper or electronically) a copy of Chorley Building Society's Savings Terms & Conditions and the Product Specific Features. If you let us know within this time that you no longer want the account, we will give you your money back (together with any interest it has earned) or help you switch to another one of our accounts which you are eligible for (if we have received cleared money). Should you change your mind about this account please send written notification of your cancellation to us at Head Office, Key House, Foxhole Road, Chorley, PR7 1NZ.

What to do if you’re not satisfied

If you are not satisfied with our services we operate an internal complaints procedure. A copy of this procedure is available online at www.chorleybs.co.uk or you can ask in any of our branches for details of this procedure. If you are not satisfied with our final response, you may be eligible to take your complaint to the Financial Ombudsman Service (FOS).