The Child Trust Fund (CTF) was a government initiative designed to ensure every child born on or after 1 September 2002 and up to 2 January 2011 inclusive has some money waiting for them when they turn 18. However the current government have subsequently withdrawn this initiative. New child trust fund vouchers issued on or after 1 January 2012 will have an expiry date 60 days after the date of issue, therefore all new child trust fund accounts must be opened prior to the voucher expiration date.
This account works much like an ordinary savings account. Interest is paid on the money in the account once a year. Although the interest rate may change, there is the reassurance that the money in the account will grow each year and be completely secure. This type of account can be opened at any Yorkshire Building Society branch.
Interest rates are variable, paid annually. *Paid for the first 12 months the account is open. This introductory offer may be withdrawn at any time.
Gross rate p.a.
Interest rate payable before any income tax is deducted. It can only be paid subject to the required registration.
Net rate p.a.
Interest rate payable after the deduction of income tax, at the lower rate of 20%.
AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest was paid and added each year. This will enable you to compare more easily the return you can expect from your savings over time.
Introductory offer: The introductory bonus of 0.70% is for accounts opened on or after 24 October 2005 and will be paid for the first 12 months the account is open. Please note, the offer may be withdrawn at any time.
| Account Name | Cash Savings Child Trust Fund |
|---|---|
| Interest rates (AERs) | Variable rate paid annually, view interest rate. |
| Tax Status | |
| Conditions for bonus payment | Introductory bonus paid for the first 12 months the account is open |
| Withdrawal arrangements | None allowed until childs 18th birthday. |
| Access | Branch or Agency |
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.
You will need to include the HM Revenue & Customs Child Trust Fund voucher with your application.
If an application is made by post, you have 14 days from the date we accept the application in which to change your mind before the account will be opened. We will not contact you during the 14 day period, unless your application is incomplete.
If you do not change your mind, your account will be opened after the 14 day period has passed.
If you do change your mind within 14 days, please contact us and we will return your voucher to you. If you change your mind after the account is opened, there are some transfer options available to you.
We have a responsibility to verify the identity of the child, which we will do by using their CTF voucher. Under regulations for the prevention of financial crime, if the Registered Contact wants to open another account with Yorkshire Building Society in the future, we have a responsibility to verify their identity separately, even if they are an existing member of the Society.
Yorkshire Building Society is one of the largest building societies in the UK. We offer a range of financial products and services including: savings & investment accounts, insurance products, loans, mortgages and more.
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Yorkshire Building Society is authorised and regulated by the Financial Services Authority (FSA).
