Falcon First

Falcon First has been developed for two purposes. Primarily it offers a good way of introducing the benefits of saving for younger children, with an education into the value of money at a level they can understand and secondarily, as a suitable home for financial gifts from parent's, relatives and friends, who want to give the child something of value for the future.

Deposits and withdrawals

You can invest and withdraw from this account at any time to suit your requirements. When you make a deposit the current rate of interest is applied immediately, so you're savings grow from day one. The account offers one enhanced interest rate no matter what the balance, to ensure that the account holder's savings grow consistently. Ask for a copy of our interest rates to see the rate currently applicable Rates are variable on this account and can go down as well as up.

Withdrawals can be made at a branch counter to provide cash or cheques. Withdrawals by post offer cheques only. In both cases your passbook will be required. No notice of withdrawal is required, subject to the general terms and conditions seen at the back of this leaflet.

Opening a Falcon First Account

As this account has been developed as a sound introduction to saving for youngsters under 16, there are a couple of ways the account can be opened and managed. In both cases, we will require sight of documents which offer proof of the child's identity and home address.

Children under seven

Accounts can be opened for under seven's by a responsible individual who is willing to operate the account as a trustee. Account trustees are not restricted to parents or grandparents and can often include other family or friends who may wish to start saving for the child. It should be made clear that 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 for the benefit of the named child in every instance.

Once the child has reached the age of seven, should it be required, the account can be transferred into the child's name only.

As a trustee, you will be required to provide personal details as listed under the section Opening your account on page 10. We will also require personal identification and address verification for the child concerned.

Children seven or over

A child can open a Falcon First account in their own name if they are seven or over and can then make deposits and withdrawals whenever they like. In this case there is no need for the trustee role but we will again need to see identification relating to the child (one for personal identification which could be a birth certificate and another for home address verification).

What happens when the account holder reaches 16?

The account is available until the individual reaches the age of 16. Prior to the 16th birthday, we will write with details of the accounts that would offer a suitable second home for the savings held within the account. One consideration should be Falcon Club which is a 'follow-on' account for 16 – 23 year olds. It offers the same rate as the children's account and represents a good way of developing regular saving into adult life.

Terms and conditions specific to the Falcon First account.

These should be read in conjunction with the General Terms and Conditions applicable to all account types detailed within this document which are found at the back of the leaflet

Minimum initial deposit - £1 Account Maximum holding - £10,000

When interest is paid - 31st December

Account Maturity: Because this account is specifically for children or their trustees, when he/she reaches 16 years of age, the account will mature and the balance can then be transferred to another account type. We will notify the account holder of the options shortly before the maturity date.

September 2006