• Interest is paid annually on 31st December and on maturity and will be added to the account balance
• On the birthday of the young person a bonus equivalent to an additional 1.25% will be credited to the account. The bonus will be calculated on a daily basis from the date the account was opened or the young person’s last birthday, whichever is the later date. The bonus will be guaranteed for the life of the account.

Where the change is a reduction in the interest rate we will give you written notification of the change before it comes into effect.

This does not apply to:

• interest rate tiers applicable to balances below the minimum operating balance for the account (provided we have clearly told you about the minimum balance requirements); or
• fixed rate accounts

If your account has a balance of £100 or more at the time the decision is taken to change the interest rate notification will be provided either:

• at least 14 days before the rate change. You will then have a period of 30 days from the date of notification during which you may close or switch your account without having to give any period of notice or having to lose any interest or pay additional charges; or
• the notification will be provided at least 14 days plus the period of notice applicable to the account (or 30 days if longer than the notice period) before the rate change. In this case the normal notice period for making withdrawals from or closing the account will apply.

If you do not notify us that you object to a change before the date on which it comes into effect, you will be deemed to have accepted it.

The information on our website will be updated within three working days of an interest rate change.

This projection is provided for illustrative purposes only, it does not include the bonus. It is based on no further deposits or withdrawals being made and interest being added to the account. The projected balance is based on the annual interest rate.

This projection is provided for illustrative purposes only. It is based on the assumption that the child’s birthday is 6 months after the account is opened, that no further deposits or withdrawals are made and interest being added to the account. The projected balance is based on the annual interest rate.

• This account is available to UK residents aged 0-18 years old and can be opened in branch or by post. To open an account simply call into Penrith Building Society with the child’s and any trustee’s identification and complete the relevant application form. Alternatively an application pack can be downloaded from our website or posted to you. Details of identification requirements can be obtained from our branch or on our website
• If the applicant is under 7 years of age we will ask for the application form signed by and additional identification documents from a parent, guardian or trustee
• Only one account can be opened for each young person
• Minimum investment £1
• Maximum investment £10,000
• The Society’s total limit on combined savings should not exceed £250,000
• You can make payments into your account at any time by cash or cheque at our office during our normal opening hours by bank transfer or by post
• Cheques made payable to the Society will only be accepted for payment into an account if they contain details (such as the name(s) of the account holder(s) or the account number)
• You will receive a passbook to help keep track of your savings
• Payments into your account can only be made in £ sterling
• If you would like to talk to us about your account you can
  • speak to a member of staff at our branch office at 7 King Street, Penrith, Cumbria. CA11 7AR
  • Call one of our team on 01768 863675
  • Visit our website www.penrithbs.co.uk

• • In person at our branch
  • By written postal request

Where the account is held by a trustee for the young person:

• • if the account is closed before the young person’s 18th birthday the closing
    cheque must be made payable to the young person.

• Prior to the young person’s 18th birthday we will contact the trustee for
  maturity instructions. If funds are to be withdrawn from the Society all
  cheques will only be made payable in the young person’s name. If funds are
  to be transferred within the Society the receiving account must be in the
  young person’s name.