Principality BS has launched a new savings account aimed at helping children 16 and under save their money.
The Dylan's Children's Regular Saver is a one year fixed term fixed rate regular savings account that pays a rate of 5.00% on maturity on a minimum monthly investment of £10 (maximum £150).
Early closure is permitted and monthly payments can be amended during the term. Additional payments can be made as long as the monthly maximum limit is not breached.
A payment must be made for 12 consecutive months, or it will revert to a Children's account.
This account is a welcome addition to what is a relatively small market and should encourage children to set amount a small amount each month – a definite plus in uncertain times.
The Children's Regular Saver has been awarded four out of five Moneyfacts stars.
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