Start Up Children's Savings Account - Terms & Conditions
Opening an Account
You can do this in person at any of the Society's branches or agencies.
Progressive Branches & Agencies Locations
You will be given a passbook to help you keep a record of your transactions and to enable you to pay money into your account at any time.
In order to protect your interests and to comply with legislation, formal identification is required. For a child aged 7 years and under, a family member or guardian must open and operate the account on behalf of the child. The child's passport should be presented or a birth certificate or medical card. The adult operating the account must provide identification as detailed in the Society's 'Proving your Identity' leaflet.
If the child is 8 years of age or older, and opening and operating the account in their own right, they should provide a passport, birth certificate or medical card.
Identification Requirements
Instant Access
With Start Up, account holders have instant access to their money.
Withdrawals
Whenever you wish to make a withdrawal from your account it will be necessary to produce your passbook.
If you make a cash lodgement you can withdraw against it immediately. Funds lodged by cheque may not be withdrawn until 6 banking days after lodgement to the account. If you think that you may need access to the funds before this period you should speak to the branch staff before lodgement. It may be possible to make a special presenation, but there may be a charge which will be advised to you at the time of the request.
Providing you have sufficient funds you may withdraw up to £250 in cash or larger amounts by cheque at any time from any branch and from many of our agents.
All withdrawals are subject to branch and agency limits. Amounts exceeding these limits will be posted on to you by cheque.
You may be asked to produce identification when making a withdrawal.
Income Tax
In order for us to pay interest without deduction of income tax (under 16s), the parent/guardian should complete and return HM Revenue & customs R85 form, available from your local branch.
If you change your mind
There is a 14-day cooling-off period from the date of opening during which you can opt to close your account for any reason, subject to our normal cheque clearing requirements. We will return your original investment plus interest earned.
Interest
Interest is paid annually and will be credited to your account as at close of business on 1st September or can be transferred to another Progressive account the following banking day. If you opt to have your interest credited to your bank account you will receive this via BACS automated transfer, 3 banking days after 1st September.
The account will be available to savers up to their
16th birthday. At their 16th birthday, savers will be requested to select an alternative account for adults into which the balance of their account will be transferred. In the absence of such instructions, the balance will be transferred into an appropriate instant access account for adults.
The minimum opening and operating balance is £1 and the maximum balance is £20,000. Funds lodged that take the balance in excess of £20,000 may be returned to the saver.
Parents, guardians or relatives can all open accounts on behalf of young savers. If the saver is aged 7 years and under, the account must be opened in a parent's, guardian's or relative's name for (Re:) the saver. If the saver is 8 years of age or older, the account can either be opened in the sole name of the saver or in the name of the parent, guardian or relative for (Re:) the saver.
Interest rates are reviewed annually and may be altered to maintain the profitability or relative competitiveness of the account.
Details of the rates on your account are published in the local papers at each interest change. Alternatively, you can obtain the information, at any time, from your local branch. Details of interest rates (and tiers) paid on all account types during the Society's financial year are also sent to Members on an annual basis.
Interest is calculated daily from the day after the account is opened to the day before you withdraw your money.
Changes in the Society's interest rate will tend to follow movements in the Bank of England repo rate (commonly known as Bank of England Base Rate) but there may be exceptions to this. An exception may arise, for example, due to a change in the competitiveness of a product or its underlying profitability.
We will deduct income tax at the lower rate from interest paid unless you are an eligible non-tax payer and have completed HM Revenue & Customs Form R85 for interest to be paid gross (without tax deducted). For joint accounts interest can be paid net (with tax deducted) to one account holder and gross to the other. If you pay income tax at the higher rate, you will have to pay any additional tax on your interest.
HM Revenue & Customs registration forms and details of who may qualify to have interest paid without deduction of income tax are available from your local Progressive branch.
The Society is required each year to supply to the HM Revenue & Customs particulars of all interest paid or credited to investors.
Our relationship with you will be governed by the Law of Northern Ireland. We will communicate with you in English.
