Lloyds TSB has increased the rate payable on its Variable Young Saver Account by a massive 2.47%.
Now paying 2.97% (3.00% AER) quarterly on balances up to £20K, the account is one of the market leaders in its field.
Even though the rate reduces to 0.50% on any savings above the £20K mark, it is unlikely to be an issue for too many children.
Sure to help encourage youngsters get into the savings habit, this account earns four out of five Moneyfacts stars.
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