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My Money Saver (0-10)

Summary Box

Account name

My Money Saver (for ages 0-10 inclusive)

Interest rate

1.00% 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 to protect the long-term future of the Society.

We will give you 14 days’ notice before any change that would disadvantage you, provided you had a 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 £1,000.00 into this account, after 12 months you would have £1,010.00.

(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 the parent or legal guardian of a child aged between 0 and 10 inclusive.
• Provide an opening investment between £10 and £5,000.
• The child needs to be an existing member or a new member resident in postcode areas IP, NR, CO, CM, CB or PE.
• The child must be a permanent UK resident.

To open an account, you must complete the 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 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:
• The parent or guardian will be the authorised signatory.
• You need to keep a minimum of £1 in the account.
• The maximum that can be held in this account is £5,000.
• You may invest up to the maximum balance by cash, cheque or standing order

Can I withdraw money?

• Yes, this is an instant access savings account so the authorised signatory can get access to the money.
• You will be asked to confirm that any withdrawals made are for the benefit of the child.
• If you close the account, the closing cheque will be made payable to 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.

What happens when the child reaches 11?
On reaching 11, we will write to the authorised signatory to confirm that the account has been transferred to My Money Saver Plus. My Money Saver Plus can only be operated by the child. We will ask the child to provide us with a specimen signature and a copy of their identification for future withdrawals.


This represents the Terms and Conditions for My Money Saver 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

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. Be an existing member or a new applicant resident in our local postcode areas IP, NR, CO, CM, CB and PE
  3. Read and retain the Financial Services Compensation Scheme (FSCS) information sheet
  4. Print and fully complete application form

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.

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


Useful downloads.

My Money Saver – Terms and Conditions


Proof of your identity


Customer Savings Information FAQs


General investment terms & conditions


Standing order form


FSCS Information Sheet


Savings tariff of charges


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


INV178 Childrens Savings Account Application Form


Interested in opening a savings account?

Get in touch.

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