Halifax has reduced the rate paid on its easy access account for children, but despite this it maintains a top 10 position in the Moneyfacts charts thanks to its continuing competitiveness.
Young Saver now pays a variable rate of 2.25% yearly on balances of up to £20,000, enabling this account to retain its position in the charts. Savers should note that a lower rate of 0.50% will be paid on balances that exceed this sum.
This account must be opened in branch with a minimum investment of just £1. It can then be operated in the same way as well as via an ATM. It is available for children up to the age of 15 and will be held in trust by an adult.
Further additions are welcomed at any time while an unlimited number of penalty-free withdrawals can be made without any notice required, giving savers all the flexibility they could wish for.
Despite the rate reduction, Young Saver still remains competitive in this area of the market and retains a position in the charts. Parents or family members who want to save for the future are likely to find this highly flexible, competitive account an attractive deal for building a savings pot for their children.
Moneyfacts rating: Excellent
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