Savings

Saving for your child’s future is important and our Cash Child Trust Fund Account lets you save for your child long term. It has an excellent variable rate of interest, is tax-free* and there's no risk to your child's savings.

More about the account...

• For all accounts opened before 31 December 2008, we'll pay an extra 1.25% introductory tax free bonus for 2 years - 7.00% tax free*, reducing to 5.75% tax free*/AER*after 2 years. Interest is paid annually by the first working day after 1st January each year.
• We guarantee to at least match the Bank of England Base Rate until 6th April 2010, subject to an excluded period - see terms and conditions for full details.
• You'll receive an annual statement every year around your child's birthday, and whenever you want to check your balance, just ask us and we'll send you a new statement.
• The account can only be opened with a Child Trust Fund voucher, we will pay interest on the voucher amount from the date we receive the funds from the Government.
• You can add to your child's savings as soon as the account has been opened, subject to the Government's limit of £1,200 per year (this excludes the voucher amount). The year starts on your child's birthday.
• Transfers in to the account - If you already hold a Child Trust Fund account with another provider but wish to transfer you can. Complete and send us your application form, ensuring you also complete the 'Transferring from another provider to Britannia Building Society' section. Post your application to us and we'll do the rest.

  Note: If you are transferring from a share-based Child Trust Fund, be sure to contact your existing provider to find out about factors that may affect the value of your child's fund on transfer. The amount transferred will depend on the value of funds at the time of the transaction. The amount transferred may be less than the amount invested.

	Annual Interest

	Minimum Balance		AER*/Tax-free* (excl. 2 year bonus)		Tax-free* (inc. 2 year bonus)
	£250+		5.75%		7.00%

		The above variable rates are effective from 2 May 2008.

We offer two types of Child Trust Fund Account...

We offer both the Cash Child Trust Fund Account and the Baby Bond^®Account. The table below shows the main differences between them.

	Britannia's Cash Child Trust Fund		The Children's Mutual Baby Bond®
	Is a Non Stakeholder Child Trust Fund		Stakeholder Child Trust Fund
	Your child's savings are in a cash based savings account		Your child’s savings are invested in a share based fund and will benefit from potentially greater returns offered by the stockmarket. The value of shares can go down as well as up. Your child may get back less than the amount originally invested
	Capital secure for the lifetime of the account		To help protect any growth on the account, the investment may be moved to less risky assets as your child approaches 18
	There are no explicit charges		There is an annual charge capped at 1.5% of the account's value
	Minimum additional investment is £1		Minimum additional investment is £10

Important Information

This account has been specifically designed to work for the long-term benefit of the child. This means that any funds deposited into the account cannot be withdrawn and must remain within a Child Trust Fund until the child reaches the age of 18. Please bear this in mind when making deposits as you will not be able to withdraw any of the money, and any contribution made to the Child Trust Fund cannot be returned to the donor, except as permitted by the Child Trust Fund regulations.

Before applying, don't forget to read the account terms and conditions and important legal information.

*For an explanation of terms used such as AER and Tax Free, please see our glossary.

Membership Reward After the initial qualifying period, we show our appreciation with our Membership Reward; currently an annual cash payment of up to a possible £500, subject to scheme rules and tenure.
Use our Membership Reward Calculator to see how much reward you could be earning.