4.00 %Gross/AER*
- A variable rate of interest
- Invest from £20
- Instant access - One withdrawal per calendar year without loss of interest
- Apply in branch or by post
- Gross/AER* - See Jargon Buster
Summary Box
Account name
Children’s Clockwork Regular Saver (Issue 1)
What is the interest rate?
4.00% Gross/AER
The interest is paid annually and will be credited to your account after close of business on 1 January.
Can Progressive change the interest rate?
Yes, the interest rate is variable. We can increase or decrease the interest rate as described in our Savings General Terms and Conditions.
If we are decreasing the interest rate we will notify you at least 14 days before the change takes effect.
What would the estimated balance be after 12 months based on a £500 deposit?
£6,131.13
This is an example based on the account being opened on 2 January with an initial deposit of £500 and 11 monthly lodgements of £500 at the start of each month, which is the maximum monthly amount allowed and assumes the interest rate does not vary during the 12 month period.
How do I open and manage my account?
The account is available to existing Members and new customers resident in Northern Ireland up to their 18th birthday.
If the saver is aged 15 years and under, the account must be opened by an adult (parent, guardian or relative) on behalf of the child.
If the saver is 16 years of age or older, the account can either be opened and operated in the sole name of the saver or by an adult (parent, guardian or relative) on behalf of the saver.
There is a minimum lodgement of £20 required to open this account.
The maximum amount which can be saved in a Children’s Clockwork Regular Saver in a calendar year is £8,000.
You must save between £20 and £500 each month the account is open.
An additional one off lodgement of up to £2,000 can be made in a calendar year.
Monthly payments can only be made by electronic transfer.
You can miss one monthly payment per calendar year without loss of interest.
If you miss more than one monthly payment in the same calendar year the account will become a children’s instant access account at the interest rate applicable at that time. We will provide you with 30 days notice of the change.
The account can be opened and operated at any of the Society’s branches, agencies or by post.
Can I withdraw money?
You can make one withdrawal per calendar year without loss of interest.
If you make more than one withdrawal in the same calendar year the account will become a children’s instant access account at the interest rate applicable at that time. We will provide you with 30 days notice of the change.
You can withdraw up to £500 in cash in a branch and £250 in cash in an agency, larger amounts must be withdrawn by cheque.
Additional information
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. This will enable you to compare more easily the return you can expect from your savings over time.
Gross rate quoted is the taxable rate of interest without deduction of income tax.
If you give your child money that earns over £100 a year in interest then all of this interest will be taxed at the appropriate rate as if it were your income. This limit is raised to £200 if both parents give money to the child each year.
These limits apply to income earned from money given from parents, step-parents or guardians only. It does not apply to money given by other family members such as grandparents or friends.
You may need to pay tax on any interest that exceeds your Personal Savings Allowance. For more information please visit HM Revenue & Customs (HMRC) website hmrc.gov.uk.
The interest rate is correct as of 23 August 2023.
For further information refer to the terms and conditions of the account and the terms and conditions contained within the Savings General Terms and Conditions. You can obtain a copy of these documents in the ‘Useful Information’ section below.
How to apply
Before you apply, please make sure you read the Summary Box, account terms and conditions, Savings General Terms and Conditions and FSCS Information in full. You can save or print a copy of the PDFs for future reference. These documents contain details of your agreement with us for this account and we will rely on them for our relationship with you.
In branch
If you open your account in one of our branches we will use an electronic verification system to verify your identity and address. We cannot do this for applicants under 18 or if you are not registered on the electoral roll. In these instances you will be required to provide full identification documentation and these can be found in our leaflet Proving your identity.
Visit your local branch to open this account.
Find your nearest branchBy Post
To open this account by post:
- review the Summary Box on the previous tab;
- read the account terms and conditions and the Savings General Terms and Conditions;
- review the FSCS leaflet for further information or visit fscs.org.uk;
- download and complete the application form;
- provide appropriate identification - please refer to our Providing Your Identity document.
- all postal applications require photographic ID and proof of address these must be certified. This can be done by a bank or building society official, councillor, minister of religion, dentist, chartered accountant, solicitor or notary, teacher or lecturer. As long as the person is not related to you, live at the same address or in a relationship with you.
- return the completed form with your cheque to the branch you want your account opened in.
- We recommend that you download a copy of the documents and retain for your records.
