What is the interest rate?
The variable rate below applies from 1 October 2018. Your interest will be calculated daily and paid each year on 31 December.
£10 plus - 1.05% gross / AER
Can Tipton & Coseley Building Society change the interest rate?
The interest rate on your account can change at any time. More information can be found in section 7 of our Terms and Conditions for Savings Accounts.
What would the estimated balance be after 12 months?
The balance after 12 months on an initial deposit of £1,000 with an interest rate of 1.05% gross / AER (variable) would be £1,010.50.
This estimation is an illustration only and assumes:
- the account is opened on 1 January;
- there are no additional deposits or withdrawals made;
- interest is paid back into the account;
- there is no change to the interest rate; and
- interest is paid gross on 31 December.
How do I open and manage my account?
You must be aged 15 or under to open a Cash Zone account. When you turn 16, subject to requirements being met, we'll automatically transfer your Cash Zone account to an alternative from our savings range. You'll be notified of this in writing. Accounts can only be opened with a single child named as beneficiary.
The minimum deposit amount to open an account is £10. You can open your account by visiting any of our branches or by completing an application and posting it to our Tipton Head Office.
We'll require identification to open a Cash Zone account. We have access to credit reference agency databases which in the majority of cases allows us to prove identity and address without the need for paper-based identification, if we do require further proof we'll let you know. However, we don't carry out these searches against customers aged under 18. Please click here to see our list of acceptable identification.
If you open a Cash Zone account in trust we'll need to satisfy identification requirements for both the trustee and the beneficiary.
A minimum balance of £10 must be kept in the account. Withdrawals taking the balance below £10 are only allowed if you close the account.
Additional deposits by cash, cheque or standing order are allowed at any time. All cheque deposits must be made payable to either the child or the trustee named on the account. The maximum balance allowed is £25,000.
Can I withdraw money?
You are allowed to make six withdrawals each calendar year without charge or notice. After your sixth withdrawal, no more will be allowed until the next calendar year. This includes account closure.
Withdrawals are subject to our daily withdrawal limits which are:
- £500 by cash; and
- £20,000 by cheque.
Larger amounts can be withdrawn if you provide two days notice, subject to £2,500 maximum cash per day. The minimum amount for a cheque withdrawal is £10.
Additional information
Interest is paid gross (without tax deducted).
You have 14 days to change your mind, if you decide your Cash Zone account isn't right for you. We will then arrange to close the account and help you find a more suitable savings account with us or return the money to you.
Interest rates explained:
- Gross means the contractual rate of interest payable.
- AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
