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Kool Kidz is a great account for smart savers under the age of 16. Start saving with your very own limited edition moneybox when you open a Kool Kidz account. When it's full, empty your savings and bring them into your local branch. The smart passbook will show you at a glance just how quickly your savings are growing. Instant access to your money allows for those snap decisions whilst the special rate of interest helps with saving for something special. |
Is this account suitable for me?This account is suitable for someone aged up to 16 who requires instant penalty free access. It is not suitable for someone requiring a fixed rate of interest.How much can I invest?The account must be opened with a minimum of £1; further deposits can be made up to a maximum of £10,000. The minimum balance at any time is £1. How can I pay money in?You can pay cash and cheques into your account at any of our branches or at our agency (listed here), or you can post your passbook and a cheque to our Head Office address. Cheques must be made payable to the account holder and not to the Society. You can also transfer funds from another account with the Society by post or at a branch, and transfer from an account with a bank or another building society. To do this you will need our sort code 20-49-08 and our account number 70608386 and also your Kool Kidz account number, which should be inserted in the roll or reference number field. Please note that certain banks do not automatically provide a roll or reference number field if you bank with them online. You may have to telephone them so that they can set up this information for you.Do I have access to my money?Yes, penalty free withdrawals are available at any time.How can I access my account?In Branch - You can withdraw money from your account at any of our branches or at our agency (listed here). Simply bring in your passbook and we will ask you to sign a withdrawal form. If your account is operated by a parent or guardian, they will need to withdraw the money for you.By Post - You can request a transfer to another Society account or a cheque withdrawal via the post. Simply send your passbook(s) and a signed covering letter, stating your withdrawal instructions, to our Head Office. Your cheque and passbook will be returned to your home address.
How much interest can I earn?See our Current Interest Rates. We are very keen to encourage young savers to build up their savings so we will reward you with a special variable interest rate that is better than rates normally offered on most instant access accounts. Your money will start earning interest for you from the date of receipt of your cash or cheque(s).
How and when is interest paid?Interest is paid annually on 31st December. You can have the interest added to your Kool Kidz account, paid into a bank account or transferred to another Society account (not applicable to all account types). If you choose to have your interest added to your account it will be subject to the same withdrawal conditions as the capital.Do Kool Kidz pay tax?Kool Kidz savers will probably be able to receive their interest without tax being taken off. Simply complete the required registration form and ask a parent or legal guardian to sign it on your behalf.
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Summary Box
Key Product Information for our Savings Account(s) |
| Account Name |
Kool Kidz |
| Interest Rate (AERs) |
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| Tax Status |
Interest is paid net of basic rate tax, unless the appropriate HM Revenue & Customs declaration is completed. |
| Conditions for Bonus Payment |
N/A |
| Withdrawal Arrangements |
Penalty-free withdrawals available at any time |
| Access |
Branch or Post |
Other Information
Each customer may only hold one Kool Kidz account. The maximum investment in all accounts with the Society is £500,000 per person.
Withdrawal limits at Branch Offices are £500 cash and £5,000 by cheque per person, per day. Please ask for details of limits for our agency. Cheque withdrawals for larger amounts may require 24 hours notice.
How can I open an account?
To apply for a Kool Kidz account by post please download, print and complete the appropriate application form using the link below. For your own benefit and protection you should read the Society's general Savings Account Terms and Conditions as well as the information shown above. If you do not understand any point, simply call us on 01858 412250 or email us at CustomersFirst@mhbs.co.uk
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To download our savings application forms you must have Adobe Acrobat Reader installed on your PC. |
Single Account Application Form
for use where the account is to be held and operated in the child's own name |
Trustee Application Form
for use where the account is to be operated by a parent or legal guardian
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| Please send your signed application form, together with your personal cheque for the opening deposit and evidence of identification to:Market Harborough Building Society, Welland House, The Square, Market Harborough, Leicestershire, LE16 7PDAlternatively please visit any of our branches or our agency (listed here) with the appropriate identification (please see the link above for further details) to open an account.
If I need more information what do I do?
We are always pleased to help. Please visit any of our branches or our agency, call us on 01858 412250, or email us at CustomersFirst@mhbs.co.uk
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| Product information is also available in Braille, Large Print and Audio format. |
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This product may be withdrawn at any time and without notice. |
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| Issue Date: 1st May 2009 |
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Related Information
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