The Mansfield Building Society

Children's Accounts

At The Mansfield we offer a range of account options that allow you to save on a child’s behalf or help encourage children to learn the value of savings.

With different withdrawal arrangements, our accounts can help grow your investment until the child becomes 18 or allows children limited access to their own savings account.

Find out more in the product details below.

 
Savings Product Account
Levels
Interest Rate
(AER1/Gross2)
Interest Payable Withdrawals Access
Young Saver (1st issue)
More Information
£1 + 2.00% annually on 31 December

Up to 6 withdrawals per calendar year without penalty. Further conditions apply, see product summary box for full details

Post or Branch
Young Regular Saver (1st issue)
More Information
£1 per month + 2.50% annually on 31 December

Up to 2 withdrawals per calendar year without penalty. Further conditions apply, see product summary box for full details

Post or Branch
cash Junior ISA (1st issue)
More Information
£1 + 2.55% tax free^ annually on 5 April

No withdrawals allowed until the child is 18

Post or Branch

Cancellation Rights

If you are not happy about your choice of account, you may cancel it within 14 days of:

The day you enter into the contract; or

The day on which you receive the contract terms and conditions and other information on paper or electronically; whichever is later

We will help you switch to another of our accounts or we will give you all your money back with any interest it has earned. We will ignore any notice period and any extra charges.

 

Charitable Assignment

All new customers opening a savings account will be required to sign a declaration agreeing to assign any windfall conversion benefits to the Charities Aid Foundation. This assignment will apply for the first 5 years of membership. Existing members with continuous membership prior to the effective date are not affected. Our Charitable Assignment Scheme leaflet provides full details.

 

Definitions

1. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. AERs on the Monthly Income account assume interest is added to the account each month although in practice the option to have interest added in this way is not available.

2. The gross rate is the contractual rate of interest payable without tax taken off.

If separate AER/Gross rates are not quoted, both rates are identical.

^Tax free means exempt from UK income and capital gains tax in the hands of the investor.

These account details apply to personal investors only unless stated in the detailed information.


Date printed: 28 May, 2017 12:18


The Mansfield Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Reference number 206049.
Member of the Building Societies Association.