Halifax Launches New 10% Account
New account launched offering a uniquely high interest rate
8th June 2005
Halifax plc has announced the launch on Monday of a new savings account for children, offering a market-leading interest rate of 10%.
The account, called the Children's Regular Saver, allows monthly deposits of between £10 and £120 into a no-access account for a fized period of a year, after which the deposits and accrued interest will be transferred into a Halifax Save4it account which currently offers a rate if just over 5%.
Deposits can be made by parents, grandparents, godparents and others investing in the name of a child under the age of 16, and if the full £100 a month allowed was invested the final sum of interest returned would be £64.90 after the 12 months are up.
Read More: Guardian Report
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