Children's Regular Savings Account Success
Bank says 100,000 children's savings accounts opened in just two months
10th August 2005
Halifax bank, the UK's largest provider of savings accounts, announced today that it's new children's Regular Saver account has been a great success, with over 100,000 accounts already opened since the product's launch two months ago.
The stand-out feature of the account is it's impressive 10% AER interest rate, although this is not necessarily quite as good a deal as it first appears: every year, all deposits and interest are 'swept' into an adult's Halifax savings account offering a much lower rate. So, the 10% rate does not translate into compound interest.
Even so, the deal is an attractive one for parents wishing to save between £10 and £100 per month on behalf of their child - Halifax says the average deposit per month is £70.
Read More: Halifax : 100,000 Children's Regular Savings accounts opened
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Products from Halifax : Pet Insurance, Annual Travel Insurance, Car Insurance, ISA Saver Direct, Loans, Money Back, One, Web Saver |
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