Children’s Regular Saver

Summary Box

Balance in the account % Gross(2) %AERs(1)
£1 plus 1.25 1.25

The interest rate is variable. Interest is calculated on a daily basis and paid at maturity. The interest plus the account balance will be paid directly into this account with the Society.

Please refer to section 7 of the Savings Accounts General Terms and Conditions for further information on how we calculate interest.

Details of our full range of products and current interest rates are available on request at our branches, by telephone 01257 235003 or from our website www.chorleybs.co.uk

This account has a variable rate of interest and is subject to change; this means we may increase or decrease interest rates at any time. If we reduce the interest rate and you have at least £100 in your account, we will give you 14 days notification prior to the change and you will have a period of 30 days from the date of the notification to switch or close your account.

The terms of the Children’s Regular Saver are available in branch or at www.chorleybs.co.uk/savings

Please refer to section 7 of the Savings Account General Terms and Conditions for further information on how and why we may change the interest rate.

Based on an opening date of 1st June at the current rate of interest, if you deposited £150 per month in this account, after 12 months you would have £1812.02.

This projection is provided for illustrative purposes only and does not take into account your individual circumstances. This assumes that an initial investment of £150 is made on 1st June, additional investments of £150 are made on the 1st day of subsequent months, and that no withdrawals or changes in interest rate are made during the 12 month period.

  • 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.

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

    • a fully completed Regular Saver Application Form (for regular savers) OR a fully completed Regular Saver Maturity form stating option 1;
    • at least the minimum deposit of £1 and
    • proof of your identity and address for the account holder and where applicable the account operator.

    The maximum monthly deposit is £150 per month, backdated monthly deposits are not allowed. The overall maximum holding by any one person in respect of all savings accounts with the Society is £500,000.

    This is a limited issue and the Society reserves the right to withdraw this product without notice at any time.

    Only one Children’s Regular Saver account per customer can be held.

    This product can be opened and managed in branch and by post. Please refer to the Society’s Savings Accounts General Terms and Conditions.

You may withdraw by cash, cheque or CHAPs* (*subject to a £25 fee). Withdrawal conditions apply; please refer to section 9 of the Savings Account General Terms and Conditions for further details.

The account will mature on the child’s 16th birthday.  The account balance will then be available on the next working day. ‘Working day’ means a day other than a Saturday, Sunday or Bank Holiday. We will contact you at least 14 days prior to maturity to advise you of the options available at that time.

You can opt to have your balance plus interest paid to your nominated bank account by BAC’s, which will be paid at maturity. (Please note BACs can take up to 5 working days).

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. 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 Account General 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

Before applying for any of the above accounts please ensure you read and understand the following:

All applicants must sign and return the application form.

Please also refer to our Identification Criteria in case we need to request more information from you

Please return your application to the following address:

Savings & Investment Department
Chorley Building Society
Key House
Foxhole Road
Chorley
Lancashire
PR7 1NZ

Got an Enquiry? 01257 235003
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    The Society will collect your email address as an alternative means of communication if we cannot reach you via telephone. This data will not be used for any other purpose.