Scarborough Building Society is offering a new savings account which it claims to be "family friendly".
Customers can open the new savings option, which features an interest rate of 4.8 per cent, with a deposit of £1.
Available only to parents or legal guardians who have already opened a Young Super Saver account, the Family Saver allows holders to make contributions to their savings at any time.
Additionally, the society will contribute £1 to a local cause for each savings account opened, with a minimum of £500 donated.
Tony Burdin, head of group marketing at Scarborough Building Society, said: "Today’s young families are the ones facing higher costs for their children’s education and first home deposits – as well as often being caught up in the contemporary spiral of debt, which is unprecedented."
He added that the account's "flexible features" may encourage families to make savings for the future.
Co-operative Insurance recently claimed that a contribution to a child trust fund savings account could be the perfect Christmas gift this year as it helps to secure the youngster's future.
New family savings account from Scarborough
New family savings account from Scarborough
Tue, 21 Nov 2006
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