Clydesdale and Yorkshire Banks are to release two new savings accounts for children.
Headstart and Jumpstart Savers, available from Monday July 2, are designed to help parents save for their child’s future and also to encourage youngsters to start saving themselves, the banks said.
The Headstart account pays 2.52 per cent AER which includes a one per cent introductory bonus. The 95 day notice saver is managed by the parents, with control passing to the child on their 17th birthday.
Jumpstart is an instant access savings account for children aged six to 17, which gives youngsters aged 11 and above their own dual function card.
On opening the account kids aged six to 10 will receive a free watch while 11 to 17 year olds will get a set of earphones.
Interest rates on this product vary from 0.1 per cent to 0.55 per cent AER depending on the balance held.