Other Useful Info

CHILD TRUST FUND

Government announce end to child trust funds FIND OUT MORE

A FLEXIBLE WAY TO SAVE 

  • Young people aged 7 or over can open and operate an account themselves

  • Parents, grandparent or guardians can save on the child's behalf as a trustee

  • Open an account with just £1

  • Earn an attractive rate

  • Interest paid annually

EASY ACCESS TO YOUR SAVINGS

  • Save in branch, by post or online (account cannot be opened online)

  • No notice for withdrawals

  • No loss of interest for withdrawals

  • Access your savings with a cash card

COULD BE IDEAL IF YOU…

  • Are 18 or under and want to start saving

  • Want to build up a nest egg for a child

  • May need to get access to the savings quickly 

Notice of future rate change

This rate is changing on 06/10/2010.

Please click on the future rate link below for more information.

Current Rates
Account balance Gross Net AER
£1 and over 2.00% 1.60% 2.00%
View previous rate information
Previous Rates
Account balance Gross Net AER
£1 and over 2.45% 1.96% 2.45%
View future rate information
Future Rate from 06/10/2010
Account balance Gross Net AER
£1 and over 1.75% 1.40% 1.75%

Future rates effective from 06/10/2010

Previous rates effective from 24/02/09

Definitions

* Interest will be paid gross (that is before the deduction of income tax) to non-taxpayers subject to eligibility and the required registration. Otherwise interest will be paid after deduction of income tax at the appropriate rate. Please note that gross interest can only be paid to customers aged 16 or over if they are the named account holder.

** Net rates (that is after the deduction of income tax) shown are for illustrative purposes only. The interest you earn on this account will currently be taxed at the rate of 20%.

*** AER means Annual Equivalent Rate and shows what the interest rate would be if interest was paid and added each year.

How can I open a Family Young Saver Account?

It's easy.

You can open a Family Young Saver Account by calling into any branch or you can download the application form and send it in with a cheque to:

Norwich and Peterborough Building Society
Postal Investments Unit
FREEPOST PE 104
Peterborough
PE2 6BR

When you pay a cheque into your account, don't make the cheque out simply to N&P. You should include details about the account or the person you're paying the money to. It's also important to draw a line through the unused space on the cheque so that extra information or numbers can't be added afterwards.

After I have opened a Family Young Saver Account, how quickly will I need to start saving?

As soon as you can.

You must pay in at least £1 to open your Family Young Saver Account within 30 days of the date of your application being accepted.

How do I save into my Family Young Saver Account?

It's up to you.

You can do it in any branch or you can pay in cheques by sending them to:

Norwich and Peterborough Building Society
Postal Investments Unit
FREEPOST PE 104
Peterborough
PE2 6BR

When you pay a cheque into your account, don't make the cheque out simply to N&P. You should include details about the account or the person you're paying the money to. It's also important to draw a line through the unused space on the cheque so that extra information or numbers can't be added afterwards.

You can also arrange a standing order with your bank or building society for regular payments to be made into your Family Young Saver Account, or you can transfer money into your Family Young Saver Account at any time. Just quote your Family Young Saver Account number and sort code.

Do I become a member of N&P when I open a Family Young Saver Account?

Yes you do.

The Family Young Saver Account is a share account, which makes you a member of N&P. This means you can join N&P's general meetings and you have a vote on what's decided in them.

Can I open a Joint Account?

Yes you can.

The Family Young Saver Account is available in single or joint names (and on a trustee basis).

When will my account start earning interest?

Cheques paid into an account paying a variable rate of interest will earn interest from the second working day after the day we receive them. Cheques paid into an account paying a fixed rate of interest will earn interest from the day we receive them.

Money paid into your account in cash or by Bankers’ Automated Credit will earn interest from the day we receive it. Interest is then paid for each full day your money is invested, and will be added to your account in January each year (unless otherwise stated).

Your money will earn interest up to, but excluding, the day you withdraw it.

What are the rules on withdrawals?

You can take money out of your account at any time without notice or losing interest.

Can I move money between my accounts online?

Yes you can.

Just remember that any transfer will be subject to the withdrawal terms of the account you're taking money from.

Now and again, when carrying out online maintenance, we may have to suspend certain facilities temporarily, so if you find our online service unavailable, please be patient, and do try again later.

Can I be certain that online banking is absolutely secure?

You can with N&P.

Our online system is extremely robust. It is constantly checked by both internal and external experts. Advanced encryption technology scrambles all sensitive data to provide total confidentiality.

You are given a unique customer number and a 10-character password. When you use the service for the first time you might want to change this password for one that's more easily remembered - but don't write it down or make it too obvious, so that someone else could guess it.

Can I manage my account online?

Yes you can, subject to you being 16 years old or over.

Online you are able to:

  • View up-to-the-minute balances on all your N&P savings and current accounts whenever you like.
  • Check all payments and withdrawals on your account.
  • Set up and cancel payments.
  • Transfer funds between your N&P accounts.
  • Send and receive secure email messages about your account.

To manage your account online you'll need to register for our online banking facility, just download an application form, fill it in, and send it to:

Norwich and Peterborough Building Society
Online Banking Applications
Peterborough Business Park
Lynch Wood
Peterborough
PE2 6WZ

The maximum amount you can withdraw online is £10,000 per day.

Is N&P a member of the Financial Services Compensation Scheme?

Yes we are.

N&P is a member of the Financial Services Compensation Scheme, meaning that your money is protected to a maximum of £50,000.

What if I'm unhappy with the terms of my account?

Just tell us.

We make it our aim to do the best we can for all our customers. If within 14 day's (7 day's for all Fixed Rate Bond products) you decide that this account is not for you, we will be happy to transfer your money to another N&P account.

Or if you prefer, we will return your money to you without any charge being made, or notice being required.

View All Frequently Asked Questions

EASY TO USE

  • You can take your money out at any time, without notice or loss of interest.

  • A cash card is available to account holders aged 13 and over.

MINIMUM INVESTMENT

  • You only need £1 to open this account.

MAXIMUM INVESTMENT

  • The most you can have in your account is £1 million.

INTEREST

  • Interest on your savings is paid annually on 1st January.

OUR SATISFACTION PLEDGE

  • At N&P, we understand how important it is for you to be satisfied with your investment accounts. If you open any new investment account and, within 14 days, you decide that it does not meet your requirements, we will be happy to transfer the balance to another N&P account. This is called a 'cooling off' period.  Alternatively, we will return your money to you without any charge or notice being required. Any transfer or refund will be subject to the relevant funds having cleared i.e. a period of at least four days(excluding Saturdays, Sundays and public holidays) must be allowed for the clearance of deposited cheques.

ACCOUNT TYPE

  • This is a payment account, please refer to the General Savings and Investment Conditions for more information.
Key Product Information
Summary Box
Key Product Information for our Family Young Saver Account
Account Name

Family Young Saver

Interest rates (GROSS/AERs) Variable rate.
Please see Features & Benefits tab for current interest rate.
Tax Status Interest is paid net. Gross interest can be paid subject to eligibility and required registration.
Conditions for bonus payments No bonus is payable on this account.
Withdrawal arrangements Easy access without notice or loss of interest.
Access This account can be opened and operated at any of our branches or by post. It can also be operated via the internet.

Read our General Savings and Investments Terms and Conditions.

Read our Savings Fact Sheet.

We've created some very special offers, only for Family Savers. If you open any of our new Family Savings Accounts, you'll be eligible for some great additional benefits that we have designed just for Family Savers.

Home insurance

FREE home emergency cover worth £65.00 each year.

Open any of our new Family Savings Accounts and, when you take out home insurance through the Society you get up to £500 of home emergency cover for free. Just make one phone call to find the right tradesman for the job. This service is available 24 hours a day, seven days a week. Terms and conditions apply.