Children's Savings Accounts

Whether you want to save for your child’s future, or open their very first account, we're here to help
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CHILDREN'S ACCOUNTS AT A GLANCE

Simple ways to help children save

1.75%
Young Savers Account
Available to open at any Cumberland branch, for customers up to the age of 16.

Variable interest rate of 1.75% Gross interest(1)/AER(2)
2.50%
Cash Junior ISA
Junior ISAs let you save and invest on behalf of a child under 18 - with no tax on the earnings.

Variable interest rate of 2.50% Tax Free(1)/AER(2)
1.25%
Young Cumberland Blues
Support Carlisle United and save at the same time.

Variable interest rate of 1.25% Gross interest(1)/AER(2)

Next Steps

Open a Children's Savings Account with The Cumberland

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Summary Box

Minimum balance What is the interest rate? (Variable Gross Interest1/AER2)

£1 and above

1.75%

Interest paid

Interest is calculated on a daily basis, and is paid gross (without deduction of tax) annually on 31 March.

Can Cumberland Building Society change the interest rate?

Yes. The rate of interest paid on money in your account is variable and may be changed by us. Where we do so, we will give you reasonable notice in advance of the change.

Examples of when changes may happen include a change in the Bank of England base rate, or market condition changes such as, general interest rates changes on similar accounts offered by other savings account providers.

For further details, please read clause 8.7-8.9 in our Savings & Current Account Terms & Conditions leaflet.

What would the estimated balance be after 12 months based on a £1,000 deposit?

If £1,000 was deposited in the account on opening on 1 April, assuming no further deposits or withdrawals are made, on 31 March the account balance, including interest would be £1,017.50.

This figure is for illustrative purposes only.

How do I open and manage my account?

This account is available to open at any Cumberland branch,for customers up to the age of 16, who live in our operating area.

The account must have a minimum opening balance of £1.

A minimum balance of £1 must be maintained in the account. If the account balance falls below this at any time, the account will be closed.

Maximum account balance of £5,000 (plus interest earned).

You can manage your account by:

  • Visiting any Cumberland branch;

  • Calling our Customer Service Team on 01228 403141.

  • Using the Cumberland Internet Banking service or the Cumberland Mobile Banking App.

Can I withdraw money?

Yes. This is an Instant Access account, and you can withdraw up to £500 each day in cash and up to £99,999.99 by crossed cheque (cheques for larger amounts are normally available the following day), subject to the minimum operating balance of £1 being maintained.

Withdrawals not permitted by direct debit, standing order, regular internal transfer or faster payments.

Additional Information

The account is restricted to one per person.

It can only be opened as a share account to individuals who are investing their money on their own behalf or on behalf of another person (i.e. a parent/guardian or on behalf of a child).

Accounts opened for young savers up to 7 years will be opened in trust and must be operated by a responsible adult such as a parent/guardian or grandparent. Accounts opened for young savers aged 7 or over may be opened in the young person’s own name or in trust.

We reserve the right to check with a parent/grandparent or guardian that a large cash withdrawal is genuinely required.

Standing orders, direct debits, regular internal transfers and faster payments cannot be paid from this account

Young Savers will receive either a starter pack with a pen, pencil, calculator, savings chart and tips to help start the savings habit or a paint your own piggy bank (which are subject to availability).

No bonus payment applies to this account.

1. Gross interest is the contractual rate of interest payable (without deduction of tax) and you will be responsible for paying any tax you owe on interest as per your individual personal savings allowance.

2. Annual equivalent rate (AER) illustrates what the interest rate would be if interest was paid and added each year

Minimum balance What is the interest rate? (Variable Tax Free1/AER2)

£50 and above

2.50%

Interest paid

Interest is calculated on a daily basis, and is paid tax free, annually on 31 March.

Can Cumberland Building Society change the interest rate?

Yes. The rate of interest paid on money in your account is variable and may be changed by us. Where we do so, we will give you reasonable notice in advance of the change.

Examples of when changes may happen include a change in the Bank of England base rate, or market condition changes such as, general interest rates changes on similar accounts offered by other savings account providers.

For further details, please read clause 8.7-8.9 in our Savings & Current Account Terms & Conditions leaflet.

What would the estimated balance be after 12 months based on a £50 deposit?

If £50 was deposited in the account on opening on 1 April, assuming no further deposits or withdrawals are made, on 31 March the account balance, including interest would be £51.25.

What would the estimated balance be after 12 months based on a £1,000 deposit?

If £1,000 was deposited in the account on opening on 1 April, assuming no further deposits or withdrawals are made, on 31 March the account balance, including interest would be £1,025.

These figures are for illustrative purposes only.
How do I open and manage my account?

This account is available to open at any Cumberland branch, for customers under 18 years of age, who live in our operating area, and do not hold a Child Trust Fund. The account can be opened at any Cumberland branch

The account must have a minimum opening balance of £50.

A minimum balance of £50 must be maintained in the account. If the account balance falls below this at any time, the account will be closed.

The account has a maximum balance of £4,260 in the current tax year. Once the account balance has reached this, no further payments can be accepted and the account will continue to earn interest.

You can manage your account by:

Can I withdraw money?

No. Withdrawals are not permitted from this account.

On the account holder’s 18th birthday, the account will be transferred to a Cash ISA with instant access and the holder will be able to make withdrawals.

Withdrawals not permitted by direct debit, standing order, regular internal transfer or faster payments.

Additional Information

Pay into the account at any time, subject to the Cash Junior ISA limit in the tax year.

All payments to the Cash Junior ISA are a gift to the child, and as such cannot be repaid to the subscriber if at a later date the subscriber changes their mind.

This account can only be opened as a share account.

No bonus payment applies to this account.

For full details of our ISAs, including fixed rate produucts (when available), please refer to our separate leaflet, available from any of our branches.

1. Tax free rate of interest is the rate payable, under current legislation, where interest is exempt from income tax. (Your tax benefits will be lost if your ISA ceases to be tax exempt).

2. Annual equivalent rate (AER) illustrates what the interest rate would be if interest was paid and added each year

Minimum balance What is the interest rate? (Variable Interest Rate Gross Interest1/AER2)

£1 and above

1.25%

Interest paid

Interest is calculated on a daily basis, and is paid gross (without deduction of tax) annually on 31 March.

Can Cumberland Building Society change the interest rate?

Yes. The rate of interest paid on money in your account is variable and may be changed by us. Where we do so, we will give you reasonable notice in advance of the change.

Examples of when changes may happen include a change in the Bank of England base rate, or market condition changes such as, general interest rates changes on similar accounts offered by other savings account providers.

For further details, please read clause 8.7-8.9 in our Savings & Current Account Terms & Conditions leaflet.

What would the estimated balance be after 12 months based on a £10 deposit?

If £10 was deposited in the account on opening on 1 April, assuming no further deposits or withdrawals are made, on 31 March the account balance, including interest would be £10.13

What would the estimated balance be after 12 months based on a £1,000 deposit?

If £1,000 was deposited in the account on opening on 1 April, assuming no further deposits or withdrawals are made, on 31 March the account balance, including interest would be £1,012.50.

These figures are for illustrative purposes only.
How do I open and manage my account?

This account is available to open at any Cumberland branch, for customers up to the age of 16, who live in our operating area, or for those customers who live outside our operating area who must produce a Carlisle United season ticket or a Carlisle United Supporters Club membership.

The account must have a minimum opening balance of £10.

A minimum balance of £10 must be maintained in the account. If the account balance falls below this at any time, the account will be closed.

Maximum account balance of £5,000 (plus interest earned).

You can manage your account by:

  • Visiting any Cumberland branch;

  • Calling our Customer Service Team on 01228 403141.

  • Using the Cumberland Internet Banking service or the Cumberland Mobile Banking App.

Can I withdraw money?

Yes. Up to 6 instant access penalty free withdrawals each calendar year.

If more than 6 withdrawals are made in a calendar year the account will be transferred to either an existing or new Instant Savings account.

Withdrawals not permitted by direct debit, standing order, regular internal transfer or faster payments.

Additional Information

The account is restricted to one per person.

It can only be opened as a share account to individuals who are investing their money on their own behalf or on behalf of another person (i.e. a parent/guardian or on behalf of a child).

Accounts opened for young savers up to 7 years will be opened in trust and must be operated by a responsible adult such as a parent/guardian or grandparent. Accounts opened for young savers aged 7 or over may be opened in the young person’s own name or in trust.

We reserve the right to check with a parent/grandparent or guardian that a large cash withdrawal is genuinely required.

Standing orders, direct debits, regular internal transfers and faster payments cannot be paid from this account

We will make an annual donation to Carlisle United Football Club, equivalent to 1% of the total balances held in the account. To obtain entry to Carlisle United’s regular free prize draw for Young Cumberland Blues Savers you should tick the appropriate box on the application form.

No bonus payment applies to this account.

1. Gross interest is the contractual rate of interest payable (without deduction of tax) and you will be responsible for paying any tax you owe on interest as per your individual personal savings allowance.

2. Annual equivalent rate (AER) illustrates what the interest rate would be if interest was paid and added each year

FAQs

  • Are children's savings accounts opened in trust?

    Accounts opened for young savers up to 7 years of age will be opened in trust and must be operated by a responsible adult such as a parent, guardian or grandparent.

    Accounts opened for young savers aged 7 or over may be opened in the young person's name or in trust.

  • Are children's savings accounts tax free?

    Children’s accounts, excluding Cash Junior ISAs, are not tax free. If a parent gifts money to a child, and it produces more than £100 gross interest in a tax year, the income may be taxable depending on the parent’s personal circumstances.

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Your eligible deposits with Cumberland Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any deposits you hold above the limit are unlikely to be covered.

Please click here for further information or visit www.fscs.org.uk.