The Nottingham: 7.5% child savings account
Tuesday, 25 Nov 2008 13:59
A new savings account for children has been launched by The Nottingham which boasts an interest rate of 7.5 per cent.
The Child Saver Account has been created to provide young people with a sound financial start in life by allowing their family members to set aside regular monthly savings.
An initial deposit of£10 is required to open the account, which runs for one year. The account holder can make unlimited withdrawals without the interest rate being affected.
Although monthly deposits are encouraged, account holders can miss as many monthly payments as they like. No more than £100 can be deposited each month.
The account matures in December 2009, and after this time the account is automatically transferred to a Young Savers' Club account, an instant access children's savings account.
Clare Roberts of The Nottingham, said: "By giving something as simple as their daily cappuccino costing £2.20, many adults in our heartland of Nottinghamshire, Lincolnshire, Derbyshire and South Yorkshire could start building a savings account for a young person they care about.
"With Christmas just around the corner, this is one present that has the potential to be treasured for a long time to come."
The account must be opened by an adult with proof the account holder is under 16.