|
Yorkshire Building Society Cash Savings CTF AccountThis 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. Key benefits
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 Please note, the offer may be withdrawn at any time. It is important to note that a Cash Savings Account may not deliver the same level of growth as a Stakeholder Account, and therefore it may not be suitable for the child. Interest is calculated daily and is paid into the account once a year on the night before the child’s birthday. Interest cannot be paid out to another account. We recommend that the account passbook be updated at least once a year with details of any interest payments. Paying in is easy. Simply take the account passbook and deposit to any of our branches or agencies. Payments can also be made by standing order from another bank or building society account. There is no minimum deposit. No withdrawals are allowed until the child’s 18th birthday, when the account will cease to be a CTF account. The only exception to this is if, sadly, the child dies or is diagnosed with a terminal illness and a claim made on behalf of the child is accepted by HM Revenue & Customs. A statement will be sent annually, normally within 5 working days of the child's birthday. If the statement or the passbook has an entry that seems to be wrong, please tell us as soon as possible so that we can resolve the matter. Yorkshire Building Society will transfer the account to another CTF provider on the instructions of the Registered Contact. We will always carry out the instructions within a period of 30 days. On the child’s 18th birthday, the CTF will automatically be transferred into an easy access account. At this point it will be necessary to verify the identity of the child before they can access their funds.
Although the child will be a member of the Society, certain membership rights do not apply until they reach the age of 18, e.g. only members aged 18 or over can vote at the Society's Annual General Meetings. For more details, please see our booklet 'Your rights as a member'. The Registered Contact will not be a member of the Society. This is not a Stakeholder CTF Account. A Stakeholder Account is available through engage Mutual Assurance. *AER stands for Annual Equivalent Rate and shows you 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. |
|
