The 18 Club account is the answer to helping children financially for when they reach 18. Investments can be made, either as a gift from relatives or by the child. High rates of interest are maintained so that when the account holder reaches 18, a useful lump sum of money is made available.

The 18 Club account was launched by the Society in 1979 and since then it has featured consistently in 'Best Buy' surveys, winning the Moneyfacts Award for Best Children's account in 2006 and 2007. From 2001 the Society has given the added commitment that the rate of interest paid will always be the highest of the variable rate investment products that we offer.

How much can I save?

You only need £1 to open an account. Further amounts can be added at anytime without restriction.

A passbook will give you a record of the transactions that you have carried out. Please present it every time you pay into your account.

How is interest paid?

Interest is calculated on a daily basis from the day after the investment is received and will be credited to the account half-yearly on or about 30th June and 31st December.

Most 18 Club account holders will be able to receive interest gross. An Inland Revenue registration form R85 can be obtained from the Society or downloaded from the Inland Revenue via our website and should be signed by a parent or guardian if the account holder is under 16 years old.

Interest will be paid net of income tax at the rate required by law, if an R85 is not received.

Paying money in

Money can be added to your account by any of the following methods:

• Cash (up to £3,000 per day) or cheques can be paid in over the counter
• You can ask your bank to arrange a direct transfer once your account has been opened
• You may also pay cheques into your account by post

When making cheques payable to Harpenden Building Society you should also include the name of the person(s) into whose account the money is being paid (e.g. Harpenden Building Society - Account holder's name). If you are paying cheques into your account they will take six working days to clear from the day after receipt. You will also earn interest from the day after receipt.

Please note that money deposited into the 18 Club account is not available for withdrawal until the account holder reaches their 18th birthday.

Our Freepost address is: Harpenden Building Society, FREEPOST SB165, Harpenden, AL5 4BR

If you are paying cheques into your account they will take six working days to clear from the day after receipt. You will also earn interest from the day after receipt.

Taking money out

Withdrawals, including closure cannot be made until the 18th birthday. In addition to the 18 Club account, the account holder can operate some other types of share account from which withdrawals can be made.

Can ownership of the account be transferred?

No - the holder of an 18 Club account cannot transfer, assign or charge it to any other person.

What happens on the 18th birthday?

We will write to you prior to maturity of the account, at this time the account holder will be given the choice of receiving a cheque for either part or all of the funds (together with interest) or the option to open a 21 Club account or any of the Society's other savings accounts.

The 21 Club account allows savers aged 18 to 21 to maintain an investment account with a high rate of interest, and to make up to 3 withdrawals from the account annually. For further details please refer to our 21 Club product leaflet.

If the Society does not receive any instructions from the account holder within 60 days of writing then the whole amount plus interest will be transferred to either an Escalator or Hertfordshares account, dependant on the balance.

Opening an account

The account must be in the sole name of the account holder and cannot be held by parents, trustees or guardians. If the account is opened in the name of a child less than seven years of age or the account is being opened on behalf of the child, then the adult opening the account should sign the form on the child's behalf.

Simply download the 18 Club Account leaflet on this page and complete the Application and Declaration form. Return these together with your deposit and identification to open your account.