HSBC has increased the rate on its popular children's account by up to 1.96%, seeing it storm up the Moneyfacts charts with a leading rate of interest.
MySavings now pays 2.96% monthly (3.00% AER) on balances up to £3,000, a joint market-leading rate for this sector of the market. A lower rate of 0.50% is paid on anything above this amount.
Available to children aged between 7 and 17, this instant access account can be opened with a minimum investment of just £10. Further additions and withdrawals are permitted at any time. It can be opened in branch or by phone, and can then be managed by the same channels as well as online.
Paying a leading rate of interest, this account matches the current market-leaders and comfortably becomes a Moneyfacts best buy.
Four Moneyfacts Stars have been awarded.
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