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Child Trust Fund
Bonus Saver Account (Issue 2)
The non-stakeholder Child Trust Fund option offers a simple start to your child’s financial future.
The Leeds Building Society Child Trust Fund Bonus Saver Account (Issue 2) is a cash based savings account which provides a risk free home to save for your child's future.
You can top up the account with additional contributions of up to £3,600 each year. This could be with payments as small as a £10 birthday or Christmas gift or you could choose to make a regular monthly payment into the account.
| Summary Box Key Product Information for our Savings Account(s) |
|
|---|---|
| Account Name | CTF Bonus Saver Account (Issue 2) - Non-stakeholder |
| Interest Rates (AERs) | 1.80% Tax-free§ p.a. /AER† (variable). The account will pay a rate of interest that is not less than 1% below the Bank of England Base Rate for the term. |
| Tax Status | This is a tax-free account so interest payable is exempt from incometax. Tax advantages of the CTF depend on individual circumstances and may be subject to change in the future. |
| Conditions for bonus payment | An additional bonus of 1.25% p.a. is payable if two further £600 annual contributions, one per year for the next two years, are made to the account between the account opening date and each of your child’s next two birthday anniversaries. The bonus will be paid in addition to other interest payable on your child’s birthday. The bonus is payable on the first and second birthday anniversaries from the account opening date, but not on any further birthday anniversaries. |
| Withdrawal arrangements | Access to funds is only available when the child is 18 years of age and only the child can access the funds. |
| Access | Account can be opened and operated through any of our branches,or by post. |
Rates correct as at 1 November 2011.
Other Product Features:
Minimum and maximum investment
The minimum investment is the £50 Voucher (this must be used to open the account). The maximum investment is £3,600 per year in addition to the HM Revenue & Customs’ contribution.
When is interest paid?
Interest is paid annually, on the day before the child’s birthday.
How is interest paid?
Interest is added to the account.
Transfers
You can transfer the Account free of charge to a different provider at any time, subject to the agreement of the new provider.
Tax free savings
There’s no personal tax to pay on any growth in a CTF account and the money your child receives when they are 18 is tax free (provided they are a UK resident at the time).
Tax free means free from income and capital gains taxes for plans taken out under current legislation - this favourable tax treatment depends on individual circumstances and may besubject to change in the future.
How do I open a Leeds Building Society Child Trust Fund Bonus Saver Account?
To open an account at a branch or by post you only need to provide:
- A fully completed and signed application form
- A deposit for your investment (for postal applications, a personal cheque is preferred)
- The voucher
Under the Money Laundering Regulations and Financial Services Authority rules, we arerequired to verify the identity of investors. For our current requirements, please see the General Investment Conditions leaflet. Alternatively, you may contact your local branch or call our Customer Helpline on 0113 225 7777.
Terms and Conditions
We recommend you read the specific Key Features, Product Terms and Conditions and information about how your investment account works in the Key Features, Product Terms and Conditions below.
If there is a conflict between the General Investment Conditions and the Product Terms and Conditions then the Product Terms and Conditions will take precedence.
We recommend you print out the General Investment Conditions, along with the Key Features, Product Terms and Conditions and this product page for your records.
