Children's Regular Savings Plan

A simple and affordable way to save for a child you care about

  • Save for the long-term, guaranteed final amount on maturity
  • Monthly plans from just £5
  • Start saving for a child's first car, house deposit or uni fees
  • Anyone can start a plan

Risks you should be aware of:

Capital at risk.

If you surrender the plan before maturity (which is the term you select when first starting the plan), you may get back less than you have paid in.

Interim and final bonuses are not guaranteed and may go up or down before being declared.

Tax treatment depends on individual circumstances and may be subject to change in the future.

Free £25 GIFT CARD after your new policy starts...

Simply apply online quoting the promotional code: WEB22 to receive a £25 gift card after your policy starts. Terms and conditions apply

Gift card promotion T&Cs

Product information

  • About this policy

    Our Children's Regular Savings Plan is a great way to save in addition to a child's Tax Exempt Savings Plan allowance. Plans start from £5 a month or £50 annually.

    Want to find out more about our Children's Tax Exempt Savings Plan? You can do so here.

  • What are they?

    This plan is designed for you to save monthly or annual amounts over the longer term. Choose how long you want to save (between 10 and 25 years) and once the child's plan hits maturity, we'll provide a guaranteed final amount, plus the addition of any possible annual and final bonuses.

    Please be aware that a surrender penalty will apply if cashed in before maturity.

  • Who are they for?

    Anyone can have a plan or have several plans, a great option for you to save for a child, as well as yourself.

  • Why open one?

    Our Children's Regular Savings Plan gives you the ability to save over and above the £25 per month tax exempt allowance.

    This plan provides a guarantee on maturity and the potential to earn annual and final bonuses and to receive a better return than a cash savings account in the longer term - win-win!

    Start saving now for a child's financial future.

Savings calculator

Use our calculator to get an instant quote about your potential savings.

If you are 16 or over and would like to apply for this plan, please head over to our Regular Savings Plan page (which can be found under regular savings).
Please enter your date of birth
Did you know we have an adult's Regular Savings Plan. Please click this link to complete the application form

See how much you could save

Please select a term between 10 and 25 years
  • Save monthly
  • Save annually
  • Please choose an amount between £5 and £1,000
  • Please choose an amount between £50 and £10,000
Please note: You can also enter the term and amount in the boxes instead of using the slider. Quotes are for illustration purposes only and what you get back depends on how your investment grows, meaning you could get more or less than this.


You might get back the following amounts, by investment growth per annum:







Please read the Key information document and Important information documents before applying for a Children's Regular Savings Plan.

How to apply

Step one

Confirm you have read and understood our Product and Key Information

Step two

Decide how much you want to save and for how long

Step three

Complete our straightforward online application

Step four

Confirm your details are correct and submit your application

Ready to proceed?

Other ways to apply

Apply over the phone

Have a question or want to apply by phone? No problem, just give us a call and one of our friendly team will take you through the process. Either call us on 01226 741 000, or click the link below and we can call you back at a time to suit you.

Request an application pack

Want a bit more time to complete your application? Download an application pack and send it back to us when you're ready. If you don't have access to a printer, we can send you an application pack in the post.

How it works

  • Opening a Children's Regular Savings Plan

    Opening a plan is quick and easy and should take no longer than ten minutes to complete online. You can also apply over the phone or by post.

  • How are bonuses calculated?

    Unlike banks who add interest to their accounts, we aim to add bonuses to our members' policies. Bonuses are calculated at the appropriate rate based on the guaranteed final amount, not the amount of premiums you pay. On maturity the child will receive the guaranteed final amount plus bonuses added during the life of the policy. Find out more in our FAQ section below.

    Interim and final bonuses are not guaranteed and may go up or down before being declared.

  • Any guarantees?

    Providing the plan runs to its planned maturity date with all premiums paid, we will guarantee a minimum final amount for more than you have paid in (based on the amount you want to save and for how long). The final value of your plan will depend upon investment performance, but bonuses are declared each year, and these are added to your guaranteed final amount. Once added, these bonuses cannot be taken away.

  • Can I make withdrawals?

    You cannot make any withdrawals, but if your circumstances change please contact us so we can discuss your options before you surrender your plan. The plan is designed for medium to long term investment and the surrender value may be less than the amount you have paid in.

  • What about charges?

    To cover the cost of expenses incurred in setting up your policy and maintaining it, we take a management contribution of 50% of premiums paid in the first year and 7.5% of the annual premium amount in the second and subsequent years. The charges are deducted from the overall fund and taken into account when we calculate the level of bonuses we are able to pay.

    100% of your premiums are invested, you would only see the effect of these charges should you surrender early.

Frequently asked questions

Our most commonly asked questions regarding the Children's Regular Savings Plan can be found below.

Absolutely, choose a term between 10 and 25 years and watch your savings grow.

Yes, anyone can hold one of these plans, please see Regular Savings Plan.

We invest in a range of different assets with the aim of providing a higher return in the medium to long-term than is achievable with a bank or building society account. Sheffield Mutual's with-profits fund is managed to provide a low to medium risk investment, appealing to anyone with a more cautious approach to investment. Our investments include property, shares of UK companies, government gilts, corporate bonds, commercial mortgages and cash.

The proportion held in each of these will vary depending on market conditions. You'll be pleased to know that we seek to adopt an ethical approach to investing and it is our policy not to invest knowingly or directly in industries relating to armaments, tobacco, gambling or pornography.

Instead of interest, we pay bonuses on all of our with-profits products.

We invest our funds as described above and receive a return on those investments, which can vary from year to year. In March/April we review the returns achieved during the previous calendar year and then declare a bonus rate for each product type. The rate varies depending upon overall investment returns and is not therefore guaranteed to be paid at the same rate, or at all, in future years. However, once bonuses have been added they will not be taken away, providing the policy runs to maturity, or if the policyholder dies before the end of the term.

We also try to ‘smooth’ returns over the life of the policy by retaining some of the investment return in good years to maintain bonus rates in less positive years. However, to ensure the child receives their fair share of returns on the policy over its lifetime, an additional final bonus may be paid on maturity. Payment of this type of bonus depends entirely on investment performance and the rate at which annual bonuses have been added. It is not guaranteed and, if paid, the rate may vary from year to year.

The money you save is invested in a fund on which the Society pays tax and tax at the basic rate may be treated as paid on any taxable gain, which means there is likely to be no further tax to pay unless the child is a higher rate tax payer on maturity or surrender. However, a gain on which tax is treated as paid may have an effect on the child's tax liability if you qualify for age-related allowances or reliefs, or you are receiving tax credits.

In the event of death of the policyholder (child) before the end of the term, the Society will refund all premiums paid plus interest up to the date of death. Interest is calculated using the Bank of England base rate(s) that have applied during the term of the policy + 1%, though this could be changed in the future by the Society. Notice of any change will be given. If the person proposing the plan were to die, someone else could take over the payments, if there is nobody suitable, the plan could be closed and the payment would be made to the child.

If saving for a child, on maturity or surrender the payment is made to the child as the beneficiary of the policy.

No, this plan does not include any life cover. For more information on our life insurance products, please visit the life insurance section on the website.

Our team would be more than happy to provide you with factual information about our products and services, so you can make your own decision about how to proceed. However, we are unable to give any financial advice or recommendations on the suitability of our products. If you are unsure, you should seek advice from a qualified financial adviser, which may incur a fee.

To comply with regulations, the Society will require a copy of the child's birth certificate, passport or a child benefit letter. This must be independently certified if saving more than £50 per month (£600 per annum). We will also require confirmation of your identification and address. We’ll aim to do this using an electronic verification system, but reserve the right to ask for appropriate documentation from you, if this is not possible.

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Who we are

We're a mutual friendly society, which means we are owned by our members (customers), with no shareholders to satisfy.

Our members are the people we care about the most. Any surplus profit is distributed to provide you with the best possible returns combined with the highest standards of personal service and ethical business practices.

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