A new savings account especially for children has been launched by Newcastle Building Society.
Children that want to start saving money will benefit from the 4.75 per cent savings rate that the savings account offers.
The savings rate includes a bonus of two per cent if savings account holders make 11 payments or more in a year.
Anybody younger than 18 can open the savings account with a minimum starting balance of a pound, with regular monthly payments from £10.
Savings account holders can withdraw savings up to six times without incurring a penalty.
According to Steve Urwin, the head of marketing and new media at Newcastle Building Society, this new Children's Regular Saver savings account is "a fantastic addition" to the existing savings account range offered by the Society.
"Nowadays it is important to give children a head start when it comes to financial matters and our new account is aimed at offering an easy and hassle-free way of building up a fund for a child's future," Mr Urwin continued.
He said the competitive savings rate offers a great incentive to make regular monthly payments of as little as £10 a month and is a great savings account for anyone wishing to invest money for their children.
New children's savings account by Newcastle
New children's savings account by Newcastle
Mon, 19 Sep 2005
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