Newcastle Children's Saver
3.00%
Gross PA/AER (Variable)-
Open with: £1 and Invest up to £200 a month
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Take money out: anytime
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Variable rate of interest
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Apply in branch
Gross interest is the contractual rate of interest, without the deduction of tax. AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest were paid and added to your account each year. It is your responsibility to pay any tax due, based on your individual circumstances.
Financial Service Compensation Scheme (FSCS)
Your eligible deposits with Newcastle Building Society are protected up to a total of £120,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. This limit is applied to the total of any deposits you have with Newcastle Building Society and Manchester Building Society (as a trading name of Newcastle Building Society). Any deposits you hold above the £120,000 limit are unlikely to be covered.
Summary box
| Account name | Newcastle Children's Saver |
|---|---|
| What is the interest rate? | Annual (Variable) 3.00% gross pa/AER Interest is paid on: 30 June each year or on account closure |
| Can Newcastle Building Society change the interest rate? | We can change the rate of interest payable on this account. The account is a variable rate account which means that the rate of interest paid may change throughout the lifetime of the account. Please refer to the ‘Interest, Charges and Changes’ section of the Savings General Terms & Conditions which sets out the reasons for which Newcastle Building Society may change the interest and the procedure for doing so. |
| What would the estimated balance be after the first 12 months of account opening based on a £200 deposit? | Annual (variable) £2,433 This projection is based on:
Please note: This projection is provided for illustrative purposes only and does not take into account customer’s individual circumstances. |
| How do I open and manage my account? | Opening your account: In branch only. Giving us instructions for your account: In branch, by post or by telephone. Minimum opening deposit: £1 Minimum monthly deposit: £0 Minimum account balance: £1 |
| Can I withdraw money? | Withdrawals/transfers can be made penalty free without notice. Any withdrawals from the account can only be repaid in accordance with the maximum monthly subscription limit. |
| Additional information | Tax status: Interest will be paid gross which means no tax is deducted. It is your responsibility to pay any tax due, based on your individual circumstances. |
Transferring Windfalls to Charity
All new customers agree to assign any windfall benefits which they may become entitled to on a future conversion or takeover of the Society to the Community Foundation. This is our Charitable Assignment Scheme. By agreeing to this assignment, any windfall benefit will be given to the Community Foundation, one of the leading community foundations in the UK serving Tyne & Wear and Northumberland. This agreement lasts for the first five years of membership, is irrevocable and is a condition of opening an account. Your agreement to open an account with us will be deemed your agreement to the Charitable Assignment Scheme. Please see ‘Transferring windfalls to charity' or within our Savings General Terms and Conditions for further details.
Terms and conditions
Please make sure you've read the terms and conditions before applying
In branch
Visit your local branch. If you’d like to open an account in-branch, you may need to arrange an appointment. Before visiting, please call ahead.