Holmesdale Building Society has increased selected savings rates by 0.25%. One of the deals to benefit was its children's savings account, which has entered the Moneyfacts charts as a result.
Young Saver now pays a competitive variable rate of 2.25% yearly, allowing it to sit comfortably among the top 10 of its sector. Savers should note that interest must be compounded.
This account can be opened and operated by post and in branch with an initial investment of just £10. It is available up until the age of 22 and has a maximum investment limit of £25,000.
Extra incentives are available in the form of a wooden moneybox for children aged seven and under, a Ducti wallet for children aged seven to 17 and the choice of a £15 giftcard for older savers of 18 to 22 years old.
Further additions can be made at any time and unlimited withdrawals are permitted without notice. However, a maximum of £300 is allowed to be withdrawn in cash with higher amounts requiring a cheque withdrawal.
The rate boost to this account has pushed it straight into the Moneyfacts charts, something that is bound to be noticed by parents hunting for a savings account for their children. The fact that it can be kept up until the age of 22 is a bonus, as is the flexibility of unlimited additions and instant withdrawals.
Moneyfacts rating: Excellent
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