New Children’s Savings Accounts From Halifax
Published: 23 December 2011 By Peter Thompson Leave a Comment
It might be Christmas and the time for spend, spend, spend but for those perhaps thinking of the New Year and getting back into saving, Halifax have a new fixed saving account range for children.
Kids Fixed Saver, with a range of terms and interest rates of up to 4.20%, is available for children between 0 and 15 years, and will give parents and family members the perfect chance to save for their children’s future.
The minimum opening balance on all terms is £500 and the term can be 3, 6, 9 months or 1, 2, 3, 4, 5 years.
The annual/maturity rate on the varying terms, effective 23 December 2011, are:
|
Annual/Maturity rate |
||||
|
Term |
Balance |
AER |
Gross pa |
Net pa |
|
3 months |
£500+ |
0.90% |
0.90% |
0.72% |
|
6 months |
£500+ |
1.00% |
1.00% |
0.80% |
|
9 months |
£500+ |
|||
|
1 year |
£500+ |
2.40% |
2.40% |
1.92% |
|
2 years |
£500+ |
3.40% |
3.40% |
2.72% |
|
3 years |
£500+ |
4.00% |
4.00% |
3.20% |
|
4 years |
£500+ |
4.10% |
4.10% |
3.28% |
|
5 years |
£500+ |
4.20% |
4.20% |
3.36% |
As customers can open more than one Kids Fixed Saver for the same child, grandparents and family friends can open accounts too.
During the term of the savings account, no additional deposits or withdrawals are allowed although savers needing to access the money can do so, subject to interest charges which are set according to the term.
Rob Wood, Head of Halifax Savings says: “You don’t need an excuse to start saving for your children, but Christmas and the start of a New Year is a great time to start.
“The Kids Fixed Savings range provides parents with not only a great alternative for those looking to give a different kind of Christmas present, but some really competitive choices for their children’s savings. We think customers will really value these options and will get a very attractive return for that lump sum”.
MoneyHighStreet comments: “With many people getting themselves into debt this Christmas as they try to fund the festivities, savings may be the last thing to think about. That said, the sooner you can get into a position to save money, even a small amount each month, so much the better. Setting up savings accounts for children needs also to be a high priority in our opinion.
“As my Grandmother used to say ‘Look after the pennies and the pounds will look after themselves’ – or in other words ‘save some, spend some’.
“Sorting out savings accounts for our children has been on the ‘To Do’ list for some time, albeit rather ashamedly they are still not 100% sorted – something for the New Year’s resolution list!
“This must be a case of ‘Do as I say’, not ‘Do as I do’!”
