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Bonus Account

Learning the value of money and how to use it wisely is an important part of growing up. At the same time, saving for a child’s future is something you can’t start early enough.

How to apply

For an application form for a Bonus account call 03457 240 752, or visit your local branch. Call charges.

Interest rates

Interest rates for Bonus account
Effective from 18th January 2010. These interest rates are variable.
  AER Gross Interest Credited
£1+ 0.25% 0.25% Interest is paid without the deduction of tax yearly
£1,000+ 0.25% 0.25%
0.25% 0.25%

 

Personal Savings Allowance

Following the introduction of the new personal savings allowance we will pay you gross interest on your savings. For more information about this and to find out how you may need to pay tax on the interest please visit www.gov.uk/hmrc/savingsallowance

Summary box

Key Product Information for our Savings Account
Account name Bonus Account
Interest rates (AERs) The interest rate payable is variable
Tax status Interest will be paid without the deduction of tax
Conditions for bonus payment On the Bonus Account a bonus is paid annually provided that an average balance of £50 has been maintained during the previous year. Up to the age of 12 the annual bonus is £2. From the age of 13-18 it is £10 per year.
Withdrawal arrangements Branch/Web/Post/Phone/Post Office®.
Access Statement based account operated either by visiting a branch, by post or by telephone.

 

The minimum balance on this account is £1 and the maximum balance is £1,000,000.

Benefits

In a nutshell…

  • Gets children used to the idea of putting money away – rather than spending it in a flash!
  • It grows with them – they'll gradually be introduced to the importance of budgeting, how to use a cash card and how to keep track of their money through quarterly statements.
  • Any adult can open a Bonus account on behalf of a child aged 16 and under, and the adult will have full control and/or access over child’s account.
  • Any child aged between 7 and 17 years, 9 months, can open the Bonus account in their sole name, which means that only they will have full control and/or access to their account.

Jumbo sized benefits…

  • We think any incentive we offer should teach children something worthwhile too. So, we've linked up with the Born Free Foundation, an international charity that campaigns for the protection and conservation of wild animals in their natural habitat.
  • Educational gifts supplied by the Born Free Foundation at three important stages in the lifecycle of your child's account.
  • At the same time we'll make a donation to the charity.
  • Find out more about Born Free at www.bornfree.org.uk

Eligibility

To open an account you and the person you open the account with must be a UK resident.

To be eligible for this account you must be under 17 years and 9 months. If you are under 7, a person aged 18 or over must open the account on your behalf.

Servicing

Deposits

Anyone can add to a Bonus Account at any time:

  • in branch - by paying in cash or cheques at any branch of The Co-operative Bank
  • by post - by sending a cheque, using a deposit envelope
  • by transfer - from any other UK bank account
  • by Standing Order - from another bank account
  • at the Post Office - by paying in cheques using a pre addressed envelope.

Withdrawals

You're free to withdraw money from a Bonus Account without giving us prior notice. There's a range of ways to do it:

  • in branch - at any branch of The Co-operative Bank
  • by telephone - call Telephone Banking on 03457 212 212^ to request a cheque for the amount you want
  • online - using The Co-operative Bank Internet Service to transfer funds to another UK bank account
  • Bonus Account holders may also be eligible for a cash card from age 11

Statements

You'll get a statement every 3 months or every 25 transactions - whichever is sooner. If you need to find out more quickly, you can ring Telephone Banking on 03457 212 212^ to check your balances and transactions over the phone. We are here 24 hours a day, 7 days a week. Alternatively, you can view your last 6 statements online.

Donations to Born Free

Most children's accounts offer gifts of some kind, as an incentive. But, since the Bonus Account is designed with an educational goal in mind, we wanted to give our young account holders something a bit different. Something that would reflect their growing interest in the world around them, and help them learn more about it.

Inspired by the famous true story of Elsa the lioness, the Born Free Foundation is an international charity that campaigns for the protection and conservation of wild animals in their natural habitat.

Examples of the Foundation's work include projects to save Ethiopia's wolves from extinction,and the Elefriends campaign to fight the ivory trade, as well as caring for rescued elephants.

You can learn much more about Born Free from their website, www.bornfree.org.uk, but here's how opening a Bonus Account will benefit both your child and this important charity.

At three important stages in the lifecycle of the Bonus Account, we'll send your child educational gifts, all of which are supplied by the Born Free Foundation.

And for each gift your child receives, The Co-operative Bank will make a donation to the Born Free Foundation.

Gifts and bonuses

Educational gifts

At three important stages in the lifecycle of the bonus account, we'll send your child educational gifts, all of which are supplied by the Born Free Foundation:

  • a money box - when the account is opened
  • a pencil case, notebook, pencil and ruler, all made from recycled materials - at age 7, when children can take responsibility for their own money
  • a calculator - at age 11, to help them manage their money.

For each gift your child receives, The Co-operative Bank will make a donation to the Born Free Foundation.

Annual cash bonuses

Annual cash bonuses will be paid on the anniversary of the account opening, provided your child has maintained an average of at least £50 in their account in the previous twelve months. These bonuses could add up to £84 over the years.

  • up to 12 - annual bonus is £2
  • 13 - 18 - annual bonus is £10

Any reference to tax is based on our understanding of current tax regulations which may change in the future and depends on the customer’s individual financial circumstances.

The Co-operative Bank reserves the right to decline to accept any application and/or deposit.

Remember you can subscribe to a Co-operative Bank/ Britannia Cash ISA as long as you have not subscribed to another cash ISA with another provider in the current tax year.

smile, The Co‑operative Bank and Britannia are trading names of The Co‑operative Bank plc, which is a member of the Financial Services Compensation Scheme (FSCS). Find out more