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Child Trust Fund - Cash Savings Account

Transfer your Child Trust Fund balance to Yorkshire for a competitive, variable rate of tax-free interest

This could be right for you if:

  • you have an existing Child Trust Fund account
  • you are looking for less risk than a Stakeholder account
  • you want to open an account in one of our branches


tax-free p.a./AER variable, including 0.70% bonus for 12 months

Key Features

  • Only open to customers with an existing Child Trust Fund cash or stakeholder account
  • Enjoy an introductory bonus rate of 0.70% for the first 12 months (a limited offer that may be withdrawn at any time)
  • Save up to £3,840 each account year, with parents, grandparents and friends all able to make deposits as well as you and your child
  • Receive a Passbook you can use to pay money in at any of our branches or agencies
  • Pay money in by standing order or by post if that’s easier
  • Add to your account when it suits you as there’s no minimum deposit required
  • Get a competitive, variable rate of tax-free interest, paid annually on the night before your child’s birthday (please note, interest cannot be paid into another account)
  • Receive statements annually - normally within 5 working days of the child’s birthday
  • Once your child turns 18 and we’ve verified their identity, they’ll get access to their funds via an easy-access account

Did you know?

If you’re looking for the potential of a higher level of growth for a certain level of risk, a Stakeholder Account may be more suitable for your child.

Why choose the Yorkshire?

  • We were voted ‘Best Youth Savings Account’ in the 2012 Moneywise Children’s Savings Awards (for the Freedom Account)
  • We were voted ‘High Street Savings Provider of the Year’ in the 2013 Consumer Moneyfacts Awards
  • We’ve attracted over 3.5 million members, making us the second largest building society in Britain
  • 97% of our savings customers would recommend us (source: YBS Customer Satisfaction Survey Jan 2012 - Dec 2012)
  • We continue to offer local people a personal service in places where other banks and building societies are pulling out
  • We don’t have external shareholders to answer to - we’re owned by our customers
  • Being a mutual means we can put you at the heart of everything we do - which is how we provide great value products and a service you'll want to recommend
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Summary Box

Key Product Information for our Savings Account

Account Name Cash Savings Child Trust Fund
Interest rates (AERs) Variable rate paid annually,

View interest rates.

Tax Status Tax-free
Conditions for bonus payment Introductory bonus paid for the first 12 months the account is open
Withdrawal arrangements None allowed until childs 18th birthday.
  • In branch

Please note

  • Whether you can benefit from gross, net or tax free interest is dependent on your own personal circumstances and tax status and so may be subject to change in the future.

Trust Accounts - Important tax information.

  • If a child's income is below the annual tax free allowance, an R85 form can be registered by their parent or guardian and means that interest can be paid gross i.e. tax will be not be deducted. Once a child reaches the age of 16, interest will be subject to tax unless these funds are transferred into the child's sole name and a new R85 is completed by the child. Please see the following link for more information
  • It may be possible to reclaim tax deducted from an account held in trust directly from HM Revenue & Customs by completing a R40 form. Further information and a link to this form can be found using the following link: HMRC R40 Form
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Interest Rates

Current rates - Effective 29 March 2009

Annual - Including introductory bonus*

Balance (£) Tax-free AER
£50 and above 3.00% 3.00%

Annual - Excluding introductory bonus

Balance (£) Tax-free AER
£50 and above 2.30% 2.30%

How to apply

View our previous interest rates

Important Information

  • Paid for the first 12 months the account is open. This introductory offer may be withdrawn at any time

Please note

  • Interest rates are variable, paid annually.
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Terms & Conditions

The product terms should be read as they explain how the account works. It is important that you read all the terms applicable before you decide whether to open this account.

Product Terms

The product terms contain information on many aspects of this account including eligibility, deposits, withdrawals and interest.

Read and download the Child Trust Fund Cash Savings Account Terms & Conditions (185kb) for this account.

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How to apply

Before you apply

Please read the Child Trust Fund Cash Savings Account Terms & Conditions (185kb) before you apply.

A Child Trust Fund Cash Savings Account can only be opened and managed in one of our branches or agencies.

You have 14 days from the date we accept your transfer application to cancel your instructions before the account will be opened and the transfer process starts. If you wish exercise your rights to cancel, please contact us in writing. Once the transfer process starts, it may take up to 30 days before the transfer completes.

How would you like to apply?

Apply in branch

Enter your postcode to find the address of your nearest branch.

Call us

Speak to one of our friendly advisers and we will send you an application pack for this account.

  • 8am - 8pm: Mon to Fri
  • 9am - 1pm: Sat
0845 1200 100*

Not ready to apply just yet?

Request an application pack

We'll send you what you need to get started

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    • 8am - 8pm: Mon to Fri
    • 9am - 1pm: Sat
    0845 1200 100*

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