It's a savings plan for any child or grandchild under the age of 16 that you pay into each month. And at the end of the term the child will receive a cash lump sum.

You just need to decide whether you save £12.50 or £25 per month.

Your money is invested in our established Life Fund. It's a steady fund that is already invested in by over 150,000 members of the Police Service and their families.

So you know you're in good company and safe hands.

This Children's Bond is for anyone who wants an easy way to save for their child's or grandchild's future. It's a great way to give them a head start in life.

Any child under the age of 16, who is the child or grandchild of a Serving or Retired Police employee, is eligible for a Children's Bond.

It is very difficult to predict exactly what your child will get back as the payout will depend on the performance of our Life Fund, which is where your money is invested.

However every plan will have a guaranteed minimum payout. So no matter what happens in the financial markets, you'll know the very minimum your child will get back.

We aim to add a regular bonus each year into your plan and a final bonus when it matures at the end of the term. These could increase your child's guaranteed minimum cash payout.

But as we can't predict how the financial markets will perform in the future, the value of these bonuses will depend of how our Life Fund performs.

Once their child reaches 16 they become the owner of the plan and any communication will be made directly with the child. In addition, any payout will also be made directly to the child once they have turned 16.

You can choose to save either £12.50 or £25.00 each month in the Children's Bond.

Due to tax reasons you can only pay by Direct Debit, which is simple to set up and makes it easy to save because the money automatically comes out of your account on the same day every month.

Anyone can be named as the regular payer and the payer can be changed during the term. So you can work out the best way to save for your child and get others involved along the way.

You can even set up two separate Bonds with a £12.50 a month payment if friends and family want to save also. The only restriction is that there can only be one payer into each account at a time and the total must not be more than £25 a month.

It's important to remember that the owner of the plan, for example a parent, will have full control over the Children's Bond. So if the payer is someone other than the person who opens the plan, for example a grandparent, they need to understand that all communication will be with the parent.

Your child's cash lump sum at the end of the term is completely tax-free as any tax is paid within the Life Fund. So you don't have to worry about the tax man taking a bite or any paperwork.

Anyone can open a Children's Bond of behalf of the child.

The only restriction is that the child is under the age of 16 and is a child or grandchild of a serving or retired Police employee.

The application process is simple and takes no more than a couple of minutes when you apply online. You'll need your Direct Debit details ready to hand when you apply.

Additional checks

To comply with money laundering regulations, we sometimes have to carry out an online identity check with a reference agency when you apply.

The agency will add a note to your credit record to show that an identity check has been made. We won't share this information with anyone else and it won't affect your credit rating.

We'll send you a statement each year which will show the performance of your Child's Bond so you'll be able to keep track of their savings.

You can also contact us when you'd like an update in between your statements.

You can get hold of the money if you need to at any point. But as the Children's Bond is designed for those looking to save for the medium to long term, it should be as a last resort.

Once the child reaches 16, they become the owner of the plan and any communication will be directly with the child. In addition, any payout will also be made directly to the child once they have turned 16.

If do you cash in you may get back less than you've invested.