Account name
Cash Zone (Issue 2)
When you're ready to open your account simply download and complete an application form.
What is the interest rate?
The variable rate below applies from 19 August 2023.
- £10 plus - 4.25% 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.
Can Tipton & Coseley Building Society change the interest rate?
We may increase or decrease the interest rate at any time. Further details of when we do this and how we will let you know, can be found in our Terms and Conditions for savings accounts, available on our website, in branch or in your welcome pack.
When you're ready to open your account simply download and complete an application form.
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 4.25% gross / AER (variable) would be £1,042.50.
This estimation is an example only and assumes:
- There are no additional deposits or withdrawals made;
- Interest is paid gross and added to the account on on 31 December; and
- There is no change to the interest rate.
This estimation is only an example and does not take into account any individual circumstances.
When you're ready to open your account simply download and complete an application form.
How do I open and manage my account?
The account is available for anyone aged 15 or under. The account must be opened with an adult named as the account operator, and we will require proof of identification for the adult and the child.
When you turn 16, we will automatically transfer your account to an account from our savings range. We will notify you of this in writing at the time.
You can open an account at any of our branches without an appointment or, through the post by sending us a completed application form with a cheque payable to the child named on the account for your initial deposit. Application forms can be posted to you on request, collected in branch, or printed from our website.
Only one account can be opened per customer.
The minimum amount to open this account is £10. You must have at least £10 in the account to keep it open. Withdrawals taking the balance below £10 will only be allowed when you are closing your account. Opening balances made by electronic payment must be sent within 14 days of opening your account, or the account will be automatically closed. The maximum amount that can be held in this account is £25,000 per account.
You can add money to your account at any of our branches by cash, cheque or standing order. All cheques deposited into the account must be in the name of the child named on the account.
When you're ready to open your account simply download and complete an application form.
Can I withdraw money?
Withdrawals are limited to a maximum of six each calendar year. After your sixth withdrawal, no further withdrawals including closure of the account and withdrawal of any interest, will be available until the next calendar year. All withdrawals must be for the benefit of the child. Withdrawals can be made by cash and cheque only. No internal transfers, electronic transfers, direct debits, faster payments, or standing order withdrawals are available.
When you're ready to open your account simply download and complete an application form.
Additional information
Interest is paid without tax deducted.
If you decide within 14 days of opening your account that this isn't the right account for you, you can have your money back without charge. We'll arrange to close the account and return your money to you, or transfer it to another one of our savings accounts.
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.
The Tipton offer a range of savings accounts on a non-advised basis. There may be another savings account which is more suited to your personal needs. Please, speak to a member of the team for other product information.
Issued date: 19 August 2023
When you're ready to open your account simply download and complete an application form.
