Children’s First Track account


The Financial Conduct Authority is a financial services regulator. It requires us, Stafford Railway Building Society, to give you this important information to help you to decide whether this product is right for you.

The information provided is a summary of the key features of the First Track Account and is not intended to be a substitute for reading the terms and conditions that apply to the account.

Account Name First Track
What is the interest rate? 1.50% gross & AER effective from 01/10/2018
Interest is calculated daily and credited to the account annually on 31st October
Can Stafford Railway Building Society change the interest rate? Stafford Railway Building Society has the right to change interest rates in certain circumstances. If we change the rates we will give you 14 days’ notice. Please refer to the savings terms and conditions for further information on these circumstances
What would the estimated balance be after 12 months? £1,015.00
The projections assume that the amount of £1,000 is deposited in to the account at the time it is opened and that no further deposits or withdrawals are made for the full interest period
This projection is provided for illustrative purposes only and does not take into account the individual circumstances of the customer
How do I open and manage my account?
  • The account can be opened in branch or by post
  • This is a passbook based account and can be operated in branch or by post at members own expense
  • Available to private individuals
  • Available to UK citizens/residents only
  • Limits apply to cash deposits and withdrawals (see savings terms and conditions)
  • Minimum deposit £1
  • Maximum deposit £50,000
  • Maximum age to open an account is 17
  • Can be held in trust till the child turns 21, when the child turns 21 another account will need to be opened
  • When the child reaches 16 unless it is transferred in to the child’s sole name the interest received will count against the holders personal savings allowance
  • The holder can transfer to the child from age 7
Can I withdraw money?
  • Withdrawals can be made by post (cheque only) and must include a signed letter requesting the amount needed by cheque and who the cheque is made payable to and the passbook
  • Withdrawals can be made in branch with the passbook
  • No notice required for cash withdrawals up to £500. A minimum of 24 hours notice for cash withdrawals up to £2,500
  • No notice required for cheque withdrawals
  • Minimum withdrawal allowed by cheque is £10
  • Minimum CHAPS withdrawal £5,000

Withdrawals will not be allowed without the passbook

Additional Information
  • Only one account of this type per person or joint account holder
  • We pay all savings interest gross, which means no tax is deducted. It’s your responsibility to pay any tax due, based on your individual circumstances. Tax rules may change in future

Call us on: 01785 223212*