Key Product Features

Available to anyone under the age of 14, or anyone investing on behalf of an under 14 year old.

• Minimum investment £500 to a maximum of £50,000.
• Fixed term investment - the Bond matures four years from the date of opening.
• Interest can be paid annually or all on maturity.
• Limited access to your funds - one withdrawal of up to 25% of the original investment can be made, subject to the minimum investment balance of £500 remaining.

The 'gross rate' is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.

The 'net rate' is the rate of interest which would be payable after allowing for the deduction of income tax at the specified rate.

The 'AER' stands for Annual Equivalent Rate and illustrates what the interest rate would be if it was paid and compounded once each year.

Details Summary

Interest is paid in line with your original instructions :-

• Interest is paid either on maturity and added to your original investment, or annually to another Cheshire account or to a bank account. It can not be added back to the bond. Interest payable monthly is calculated on the last day of each calendar month.
• A cheque deposit will earn interest after 4 working days from the date the Society receives it. Standing order deposits earn interest from the date of funds transfer.
• Once you have opened a Black Cat Bond, you can't close it before maturity.
• You can't add to your Bond once it's open.
• Only one Bond per child.
• Young savers do not normally have to pay tax on their savings. Gross interest can be paid on completion of an R85 form.
• Once the account holder/beneficiary reaches 16 years of age, the tax situation will be reviewed. For accounts held by a trustee if the beneficiary continues to be eligible for gross interest, the account must be transferred into the beneficiary's sole name. If you require the account to continue with trustee status, interest will be paid net and any tax reclaimed by yourself from the Inland Revenue.
• Just prior to maturity, we’ll write to you with reinvestment options. If we don’t receive instructions from you, then the bond will earn interest at the appropriate Premium Access rate tier. We’ll give you three options:
  
  • Reinvest in a Black Cat Bond at the rate of interest offered at the time, or
  • Transfer to one of the range of other accounts available from the Society, or
  • Withdraw your investment and interest in full.
    
• In the event of an account holder's death before maturity, the Bond may be transferred to the account holder's representative/beneficiary or it can be closed without penalty.

Where to find us – take a look at our Branch Locator.
Want more information? Fill out the Contact Form

Other Information

• Terms and Conditions
  Please ensure you have read the Society’s Terms and Conditions before completion of your application, as you will be signing to say that you have read, understood and agree to be bound by them. Print Terms and Conditions now (opens in a new window) or request printed copy (opens in a new window) .
• Cheshire Building Society is a member of the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000. Payments under the Scheme are limited to a maximum of 100% of the first £35,000 of an investor’s total shares and/or deposits. Most investors are covered, including individuals and small firms. Although most shares and deposits in UK building societies are denominated in sterling, the euro and other European Economic Area currencies are also covered. Further details are available on request from the Society.
• English Law
  Any contract entered into between yourself and the Society will be based upon English law.
• English Language
  All correspondence between yourself and the Society will be communicated in English.
• Right to Cancel
  You have the right to cancel this product, within 14 days of commencement, however, your intial investment will be returned with interest paid at the prevailing Premium Access rate. Cancellation instructions must be received in writing before the 14th day.  All instructions should be addressed to: Investment Team, Castle Street, Macclesfield, Cheshire  SK11 6AF.
• Complaints
  If you are not satisfied with any Cheshire Building Society product or service we have a complaint handling procedure (opens in a new window) that you can use to resolve such matters.
  Cheshire Building Society is a member of The Financial Ombudsman Service. If you are still not satisfied after following the Cheshire Building Society procedures, you can ask the Ombudsman to review the complaint.
  You can find out more about The Financial Ombudsman Service in a leaflet available from any branch or by telephoning the Customer Contact Centre on 0845 755 0555. Alternatively you can write to: Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR or telephone 020 7964 1000