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Family Tree (Trust) – Saving for children under 18 years

Summary Box
Account name	Family Tree (Trust) – Saving for children under 18 years
What is the interest rate?	3.45% Gross/AER* Interest is added to the account annually on 30 November.
Can the Society change the interest rate?	The interest rate on this account is variable and the Society may make changes to this rate at any time. We will notify you of any changes in accordance with the Terms & Conditions.
What would the estimated balance be after 12 months based on a £1,000 deposit?	If you were to open this account with £1,000 and no further deposits or withdrawals were made, after 12 months you would earn £34.50 in interest. This would result in a total balance of £1,034.50. Please note this is an illustration only and does not reflect your specific circumstances.
How do I open and manage my account?	To be eligible for this account: • You need to be a parent, grandparent, or legal guardian of a child under 18. • Provide an opening investment between £10 and £50,000. • Both the trustee and the child must be a permanent UK resident. You can open an account: • By completing the appropriate application form. • 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. • Provide proof of identity. Acceptable forms of identification are detailed in our Verifying your Identity 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: • Family Tree Trust is a bare trust savings account. This means that the saved balance and interest earned always belongs to the child. • The trustees are responsible for operating the account until the child reaches age 18. • Once the account is open the beneficiary cannot be changed. • You need to keep a minimum of £10 in the account. • The maximum that can be held in this account is £50,000. • You may invest up to the maximum balance by cash, cheque or bank transfer.
Can I withdraw money?	Yes. You can get instant access to the money. • Withdrawals or closure are only permitted by cheque payable to the child or transfer to another account with Suffolk Building Society in the child’s name. • If we believe that the account is not being operated for the benefit of the child, we reserve the right to close the account. • Where there are 2 or more trustees, a minimum of 2 signatories will be required for withdrawals or closure. What happens when the child reaches 18? We will contact you 14 days before maturity. We will: • Provide information on how the beneficiary can access their funds, close the account, or continue to save with us • Transfer their savings into our instant access product available at the time if we don’t hear from them.
Additional Information	Gross* The rate paid with no income tax deducted. For more information on your Personal Savings Allowance, please refer to www.gov.uk. AER (Annual Equivalent Rate) A rate which illustrates what the gross rate would be if the interest was paid and added once each year. How we report interest to HM Revenue & Customs (HMRC) We report the total interest earned on your savings account without deducting any interest penalty that may have been applied due to a withdrawal or closure. This might have been because you were unable to give notice in line with the account terms and conditions. This may mean a higher portion of your personal savings allowance will be used up. You can find out more information about your Personal Savings Allowance at www.gov.uk Changes to these terms Are detailed in Section 19 of our General Investment Terms and Conditions. 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. Financial Services Compensation Scheme** Suffolk Building Society participates in the Financial Services Compensation Scheme. For full details please ask our staff.

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Our savings accounts are currently available to open in branch or by post. If you’re looking for more information on how to open your account we’ve put together a helpful guide.

If you’re ready to open your savings account by post you’ll need to do the following:

Download, read and accept the terms and conditions
Read and retain the Financial Services Compensation Scheme (FSCS) information sheet
Read and retain the Privacy Notice
Download the application form by clicking this link. Complete it by typing into the boxes, then print and sign it (handwritten forms are also accepted). You can then email it to us or pop into branch.

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. Read more about proof of your identity by clicking here.

You can either open your account:

In your local branch – please get in touch before you plan to visit us, so we can make sure we allow enough time to open your account and run through the items we will need you to bring.

By post – Completed application forms, along with copies of your identification, should be posted to: Suffolk Building Society, Freehold House, 6-8 The Havens, Ransomes Europark, Ipswich, Suffolk IP3 9SJ.