Children’s savings account gets rate boost | Product News - Moneyfacts

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Children’s savings account gets rate boost

Children’s savings account gets rate boost

Category: Savings
Date: 30/04/2015

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

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.

The basics…

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.

The finer details…

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 However, a maximum of £300 is allowed to be withdrawn in cash with higher amounts requiring a cheque withdrawal.

Why we like it…

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

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
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