Key Product Features

We promise to give an amount equal to 1% of the average total balances in the account over the year directly towards the Club.

Available to those under 18 or, the account can be opened on behalf of an under 18 year old.

• Roary's Junior Silkmen Savers can be opened with just £1, the maximum balance is £15,000.
• Add to or withdraw from your account whenever you wish.
• No closure penalty.

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 calculated as at 31 December each year and can either be paid back to this account where it will earn even more interest, direct to another Cheshire investment account or to your bank/building society.
• Cheque deposits 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.
• Instant access to your money - you can withdraw up to £500 cash or larger amounts by cheque at any Cheshire branch.
• Once the account holder reaches 18, we will write with full details of alternative investment accounts - a Silkmen Saver perhaps!
• 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.

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) .
• Financial Services Compensation Scheme
  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, without penalty within 14 days of commencement. 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