Falcon First
A great way to introduce saving to younger children, or a good home for financial gifts from parents, relatives and friends, who want to give a child something of value for the future.
Key features
- Available for children up to their 16th birthday
- Can be opened with as little as £1
- Instant access, unlimited number of withdrawals
- Interest paid annually on 31 December
- Can be opened at any of our branches or by post
- Open to UK residents/those ordinarily resident
- Operated using a passbook.
Deposits and withdrawals
You can invest and withdraw from this account at any time to suit your requirements.
Withdrawals can be made at a branch counter to provide up to £500 in cash or cheques up to the account balance. Withdrawals by post offer cheques only. In both cases your passbook will be required. No notice of withdrawal is required, subject to daily withdrawal limits.
Investment limits
Minimum initial investment - £1.
Maximum account holding - £10,000.
Interest
Interest is paid annually on 31 December and will be paid after deduction of income tax at the lower rate or, subject to the required certification, gross.
View the interest rate for this account.
Children Under Seven
Accounts can be opened for under sevens by an adult who is willing to operate the account as a trustee. Account trustees can be parents, grandparents, other family members or friends.
When an account is set up for a child and a third party acts as a trustee on the account, the funds held in the account must be used solely for the benefit of the named child.
Once the child has reached the age of seven the account can be transferred into their name.
As part of the account opening procedure, we will carry out electronic verification of the Trustee's personal identity and address. If this search proves unsuccessful, the Trustee must provide documentary evidence, e.g. a passport or photo driving licence. Identification relating to the child e.g. birth certificate, passport, etc. must also be provided.
Children aged Seven or Over
A Falcon First account can be opened in the child's name if they are seven or over. Identification relating to the child (one for personal identification which could be a birth certificate and another for home address verification) will be required.
What Happens When the Account Holder Reaches 16?
Falcon First is available to individuals up to their 16th birthday. At that time the account holder will be contacted with the options available. Accounts can be transferred into any other Barnsley account.
The Barnsley
If you open an account it will be with Yorkshire Building Society (trading as Barnsley Building Society). Barnsley Building Society is operated under its own brand with its own products and as a trading name of Yorkshire Building Society.
Full terms
Full terms and conditions for this account are available at our branches.
Summary Box
| Summary Box Key Product Information for our Savings Account | |
|---|---|
| Account Name | Falcon First |
| Interest rates (AERs) | Variable rate of interest paid annually on 31 December. See interest rate |
| Tax Status | Gross or net |
| Conditions for bonus payment | N/A |
| Withdrawal arrangements | Instant access. Unlimited withdrawals, subject to daily limits. |
| Access | Barnsley branch network or post. |
Interest rate
| Balance | Interest type | Gross rate p.a. % (variable) | Net rate p.a. % (variable) | AER p.a. % (variable) |
|---|---|---|---|---|
| £1 - £10,000 |
Annual |
1.75% |
1.40% |
1.75% |
AER stands for Annual Equivalent Rate and shows you what the interest rate would be if interest was paid and added each year. This will enable you to compare more easily the return you can expect from your savings over time.
Net: Interest on investments and savings amounts is payable net of income tax, which means after the deduction of income tax at the lower rate of 20%, or subject to the required registration gross.
Barnsley Building Society and the Barnsley are trading names of Yorkshire Building Society. Principal office: Yorkshire House, Yorkshire Drive, Bradford BD5 8LJ.
Yorkshire Building Society is a member of the Building Societies Association and is authorised and regulated by the Financial Services Authority and are entered in the FSA register and our FSA registration number is 106085.
Get in touch with us:
- Call us on 0845 1 200 898
Lines are open from 9am – 5pm, Monday to Friday. - Find a branch:
http://www.barnsley-bs.co.uk/about/branches.html - Manage your accounts online:
http://www.barnsley-bs.co.uk/security/online_help.html
This site is intended for UK Residents unless otherwise stated. All communications with us may be monitored/recorded to improve the quality of our service and for your protection and security.