The initiative marks the first anniversary of the launch of the building society’s new branch last year and will take place during half term.
The Cambridge’s CEO, Peter Burrows, said: “We wanted to say a huge thank you to the local community for welcoming us so warmly to Bury St Edmunds, while celebrating the anniversary, and we decided to do that by helping the younger generation.”
Children under the age of 21 can have a First Account, and if opened on the day will receive £5 to start them saving.
The accounts can also be opened on behalf of children by a parent or relative, with proof of identity and address, and only one account is permitted per child*.
The branch is the first The Cambridge has launched in a new location in more than ten years and has become one of its most successful sites.
“Bury St Edmunds is a great town and we have been overwhelmed by the welcome we have received since opening our new store in January last year,” said Peter.
”We were founded in Cambridge more than 170 years ago and know from experience that people who get into a savings habit early often continue to save throughout their lives.
“Having a little pot to fall back on, especially when the economy and costs are as challenging as they are right now, is something everyone should consider, so giving £5 to encourage children to start saving seemed like a good way to celebrate our first anniversary.”
*Only one account permitted per child. Account must be opened on Wednesday15th February in store. £5 will be credited within 28 days of account opening. ID must be provided for child and account opener. (please see attached T&Cs)
