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Family Tree (Trust) – Saving for children under 18 years

Summary Box

Account name

Family Tree (Trust) – Saving for children under 18 years

Interest rate

1.30% Gross*/AER**

Interest is added to the account annually on 1 December.

Can the Society change the interest rate?

The interest rate is variable, which means we reserve the right to change them to reflect market conditions, to comply with legal or regulatory guidelines and the protect the long-term future of the Society.

We will give you 14 days’ notice before any change that would disadvantage you, providing you have a minimum balance of £100 at the time of writing. For full details please read our General Investment Terms and Conditions.

What would the estimated balance be after 12 months based on a £1,000 deposit?

Based on the current rate of interest, if you deposited £1,000 into this account, after 12 months you would have £1013.00.

(This figure is only an estimate, based on there being no additional deposits or withdrawals in that time with all interest being added to your account. This figure is for illustrative purposes only and does not take into account your individual circumstances.)

How do I open and manage my account?

To open this account:
• You need to be a parent, grandparent or legal guardian of a child under 18.
• Provide an opening investment between £10 and £50,000.
• Be an existing member or a new member resident in postcode areas IP, NR, CO, CM, CB or PE.
• You will be the trustee of a Bare Trust, which means the money saved and the interest earned belongs to the child.
• Both the child and trustee must be a permanent UK resident.
• If you would like to save for several children, multiple accounts can be opened.

To open an account, you must complete a Children’s Account application form. You can visit any of our branches with your opening investment of cash or cheque or apply by post by sending the application form with an opening cheque. You will be asked to provide proof of both yours and the child’s identity.

This is to reduce the risk of fraud and is in line with anti-money laundering legislation. Acceptable forms of identification are detailed in our ‘Verifying your name and address’ leaflet. Alternatively, our staff will give you full details.

If you change your mind:
If you are not happy with your chosen account within 14 days of opening it, we will help you switch accounts or return your savings with interest.

How do I manage my account:
• You need to keep a minimum of £10 in the account.
• The maximum that can be held in this account is £50,000.
• You may invest up to the maximum balance by cash, cheque or standing order.
• The trustees will be responsible for operating the account until the child reaches 18.
• Once the account is opened the beneficiary cannot be changed

Can I withdraw money?

• Withdrawals are subject to 90 days’ notice or 90 days’ interest penalty. This means that you can access the funds instantly where you accept the penalty.
• The penalty will first be deducted from accrued interest. If there is insufficient accrued interest the penalty will be deducted from the balance in your account.
• All withdrawals must be for the benefit of the child.
• If we believe that the account is not being operated for the benefit of the child, we reserve the right to close the account and return the funds by cheque payable to the child.
• All trustees will be required to sign for withdrawals, amendments, transfers or closure.
• On closure, a cheque for the balance in the account will be made payable to the child.

What happens when the child reaches 18?
We will write and advise the trustee(s) that they can no longer operate the account. The account will be transferred to an appropriate account with the Society in the child’s name. The child will be given full access to their savings on receipt of a sample signature, the Family Tree Trust passbook and proof of identification. If the child has not contacted us within 12 months of their 18th birthday , we will write to them direct to let them know that the funds are available to them.


This represents the Terms and Conditions for Family Tree Trust and should be read in conjunction with the General Investment Terms & Conditions and our Customer Information booklet.

The rate paid with no income tax deducted. For more information on your Personal Savings Allowance, please refer to www.gov.uk.

AER (Annual Equivalent Rate)**
A notional rate which illustrates what the gross rate would be if the interest was paid and compounded once each year.

Customer complaints
Although we do all we can at Suffolk Building Society to provide a first class customer service, sadly from time to time things do go wrong. We are keen to be aware of your concerns as they help us to identify ways in which we can improve the quality of service and possible training needs.

We are committed to ensuring all complaints are fully and fairly addressed. If you have a complaint please let us know by visiting any branch or agency, or call 0330 123 0723 and we will do our very best to resolve the problem. A leaflet is available detailing our complaint procedure. You can request a copy of this at any time.

Changes to these terms
Any changes in terms will be displayed in our branch offices. At least thirty days’ notice will be given of any changes to your disadvantage.

Financial Services Compensation Scheme
Suffolk Building Society participates in the Financial Services Compensation Scheme. For full details please ask our staff.

Retail Banking Conduct of Business
Suffolk Building Society complies with the Retail Banking Conduct of Business which set standards of
good practice for building societies and banks.


Open your savings

If you’re ready to open your savings account by post you’ll need to do the following:

  1. Download, read and accept the terms and conditions
  2. Read and retain the Financial Services Compensation Scheme (FSCS) information sheet
  3. Read and retain the Privacy Notice
  4. Print the application form by clicking this link, fully complete and sign it. Then email it to us or pop into branch

We will require proof of your identity to open a new account if you are a new customer. For existing members we may request identification, for example if your records with us are incomplete. Read more about proof of your identity by clicking here.

Completed application forms should be posted to Suffolk Building Society, Freehold House, 6-8 The Havens, Ransomes Europark, Ipswich, Suffolk IP3 9SJ.


Useful downloads.

Family Tree Trust – Terms and Conditions


INV151 Childrens FTT Application Form


FSCS Information Sheet


Privacy Notice


Proof of your identity


Customer Savings Information FAQs


General investment terms & conditions


Standing order form


Savings tariff of charges


Guidance for people wanting to manage a bank account for someone else


Interested in opening a savings account?

Get in touch.

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