A new Children's Regular Saver account will be available from Halifax from Monday, the savings provider has announced.
The savings account, offering a fixed interest rate of ten per cent, will give adults the opportunity to save between £10 and £100 a month for their children or grandchildren.
According to Halifax's Cheryl Millington, the head of savings, bringing up children is getting more expensive.
She said the most effective way to meet these costs is to start early and plan ahead.
"Children's Regular Saver makes regular saving for a child's future available to everyone by paying the best rate available on even small monthly deposits," she said.
According to research by Halifax, over half of all parents and grandparents are concerned about the younger generation's financial survival. However, nearly two-thirds of them still save nothing for their children, grandchildren or godchildren.
Of the third that does save on a regular basis, 73 per cent save monthly or more often. Almost 90 per cent of them save £100 or less a month, making this new savings account a great avenue for saving.
Price comparison website moneysupermarket.com's Stuart Glendinning, director of savings accounts, said the account is "so good that all those individuals without children might be lamenting the fact", saying that the choice of whether to invest in this account or not is "a no-brainer".
He said that given that both parents can open an account for each child with the Halifax, a sum of up to £200 a month can be invested at a return of ten per cent interest.
New account from Halifax to save for children
New account from Halifax to save for children
Wed, 08 Jun 2005
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