If you want an above-average savings rate, you need to be - or have - a child. Interest rates on children's savings accounts are often a lot better than those on standard adult accounts.
Today sees the launch of a kids' savings account paying an impressive 5%. The "Celebratory Children's Saver" has been unveiled to mark Yorkshire building society's 150th birthday. But to be eligible, the adult or child needs to be a member of the Yorkshire.
It is a one-year regular savings account where people can pay in up to pounds 150 a month - ie, a maximum of pounds 1,800 over the year. Adults who have been society members for at least two years can open the account on behalf of a child aged up to 15. Alternatively, 11- to 15-year-olds who have been society members for two years or more can open one themselves.
Anyone, including relatives and friends, can pay in, and after a year it will mature into one of the society's existing children's savings products. Children have some access to their money if needed; they can make up to four withdrawals during the year.
The account can be opened in person in branches and agencies of the Yorkshire, as well as those of
In other kids' savings news, the
Celebrate pounds 1,800 a year in the bank
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