What is the interest rate?
The variable rate below applies from 1 June 2020.
- £10 plus - 0.40% gross / AER
Interest is calculated daily and paid annually on 31 December.
When you're ready to open your account simply download and complete an application form. You'll also need your initial deposit, which if it a cheque, must be payable in the name of the child or the trustee re the child.
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.
When you're ready to open your account simply download and complete an application form. You'll also need your initial deposit, which if it a cheque, must be payable in the name of the child or the trustee re the child.
What would the estimated balance be after 12 months based on a £1,000 deposit?
The balance after 12 months on an initial deposit of £1,000 with an interest rate of 0.40% gross / AER (variable) would be £1,004.01.
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.
When you're ready to open your account simply download and complete an application form. You'll also need your initial deposit, which if it a cheque, must be payable in the name of the child or the trustee re the child.
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.
For opening deposits made by electronic payments, you must send your initial deposit within 10 working days, or the account will be automatically closed.
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 the child named on the account. The maximum balance allowed is £25,000.
When you're ready to open your account simply download and complete an application form. You'll also need your initial deposit, which if it a cheque, which if it is a cheque, must be payable in the name of the child or the trustee re the child.
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.
When you're ready to open your account simply download and complete an application form. You'll also need your initial deposit, which if it a cheque, must be payable in the name of the child or the trustee re the child.
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.
When you're ready to open your account simply download and complete an application form. You'll also need your initial deposit, which if it a cheque, must be payable in the name of the child or the trustee re the child.
