Children's savings
HeadStart II Account
If it’s hard for the kids to do it for themselves, you could save for them with our HeadStart II Account.
Anyone under the age of 24 can open their own HeadStart II account as can a parent or guardian and all it takes is £1! This easy access account encourages saving.
Current rates
| Account balance | Gross* | Net** | AER*** | |
|---|---|---|---|---|
| Current rates effective from 24/04/08. The interest rate that we pay on this account may go up and down from time to time. Maximum age 23 years old. | ||||
| £1 - 10,000 | 4.65% | 3.72% | 4.65% | Apply |
Previous rates
| Account balance | Gross* | Net** | AER*** |
|---|---|---|---|
| Previous rates effective from 21/02/08. The interest rate that we pay on this account may go up and down from time to time. Maximum age 23 years old. | |||
| £1 - 10,000 | 4.90% | 3.92% | 4.90% |
Child trust fund
A Government initiative which came into force in early 2005 means that every child born on or after 1 September 2002 will be given an initial £250 by the Government, to be invested in a savings plan known as the Child Trust Fund. The idea is to help give each child a financial head start when they reach 18.
Norwich and Peterborough Building Society is pleased to introduce you to
The Children's Mutual to help you make the most of this opportunity for your child.
If you are not sure whether your child is eligible, why not make an appointment to speak to one of our independent Financial Advisers.
To register now for your free information and application pack call 0845 604 0242 (9am - 6pm Monday - Friday) quoting reference CTF1242 or visit The Children's Mutual.
NOTE: When you are on The Children's Mutual website any use of the words 'we', 'us' or 'our' on their pages refer to The Children's Mutual and not Norwich and Peterborough Building Society, or The Children's Mutual and Norwich and Peterborough Building Society jointly.
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.