Dec 3 2008
People saving for children may be interested in the launch of a new child savings account.
Devised by The Nottingham building society, the product offers a gross interest rate of 7.5 per cent, which is fixed for a year.
The minimum amount needed to open such an account is £10 and there is a monthly maximum pay-in of £100.
There are no charges for removing money and contributions do not have to be made each month.
"By giving up something as simple as their daily cappuccino costing £2.20, many adults in our heartland of Nottinghamshire, Lincolnshire, Derbyshire and South Yorkshire could start building a savings account for a young person they care about," stated Clare Roberts, spokesperson for The Nottingham.
Meanwhile, the Children's Mutual recently suggested that the introduction of child trust funds has changed the savings habits of UK consumers, with around half of its customers saving for children on a regular basis from the time they open such a fund.
