foundation children's account
Do you want an instant access account especially designed for young people?
Click here for the summary box - key product information for this savings account.
Our Foundation account is an instant access savings account which has been especially designed for children and young people aged 21 and under. You can open the account with as little as £1 and save up to £15,000.
This savings account is instant access which means you can have access to your money without giving us notice or losing any interest. And we have just one rate of interest, which you earn even if you only have £1 in your account.
Plus if you are a parent or guardian you can open this account in trust for a child or young person up to the age of 16. So if you want to get into the savings habit early, read on for the full terms and conditions of our Foundation instant access account.
Terms and conditions:
- Account name:
- Foundation Children's Account
- Minimum amount to open the account:
- £1.00
- Maximum Investment:
- £15,000.00
- Investment conditions:
- You can pay in to the account up to £15,000. You can pay in at any branch or agency.
- Withdrawal conditions:
- You can make withdrawals at any branch or agency, in line with their withdrawal limits. You do not have to give us notice to withdraw money and you will not lose any interest.
- Interest payment:
- We work out interest every day and it is paid on 31 December each year. It can be added to this account or transferred to another Darlington Building Society account.
- Eligibility:
- Only available to children and young people aged 21and under. Only one Foundation account can be held at any one time and it must only be held in one name.
- Freedom card:
- A Foundation account with an ATM card is available. This gives you a Freedom card which can be used in our own network of ATMs. The account holder must be at least 13 and the account should be held in their name and not in trust for them.
- Maturity:
- On the individual's 22nd birthday the account must be closed and the balance will be transferred to the Society's Instant Access account.
- Notes:
- If the account holder is under 13, the account must be opened in trust on his or her behalf. If the account holder is over the age of 16 it must be opened in their sole name.
Current interest rates
| Amount | Gross * | Gross AER # | Net * |
|---|---|---|---|
| £1+ | 0.38% | 0.38% | 0.30% |
Please make sure that you have read and fully understand the full terms and conditions before you decide to open this account. If you need any further information please telephone 01325 366366, email sales@darlington.co.uk or contact your local branch.
You should also read our general terms and conditions which you can download to the left of this page and which also form part of the terms and conditions of this account.
We are part of the Financial Services Compensation Scheme.
* - The gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law, and the net rate is the rate of interest which would be payable after allowing for the deduction of income tax at the specified rate. Interest will be payable net after the lower rate of income tax has been deducted or, subject to the required certification, gross. Where the tax deducted exceeds an investor's tax liability (if any), a claim may be made to the Inland Revenue for repayment of tax. For individuals whose income falls within the lower or basic rate bands, the tax deducted will match their liability to tax on the interest and they will have no more tax to pay on it. Individuals who are liable at the higher rate of income tax of 40% will have to pay an additional tax on the interest to cover the difference between the tax deducted and the higher rate of tax due.
# - A.E.R. stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added once each year.
