May 26 2006
For children boosting their pocket money with part-time work and earning on average £25.39, according to new research, one savings provider has two perfect accounts for the extra income.
Nearly 30 per cent of young people aged seven to 16 have a part-time job to supplement their weekly allowance – with 25 per cent aged seven to 11 and 34 per cent aged 12 to 16.
Halifax, voted Most Parent Friendly Bank by the Tommy awards in 2006, offers two great accounts for these young entrepreneurs to put something away for a rainy day - the Children's Regular Saver account and Save4it.
The Regular account is designed for parents to help their children under the age of 16 to learn to save and offers a rate of ten per cent on monthly instalments between £10 and £100 each month.
After a year the money saved and interest earned is automatically transferred into a Halifax Save4it account.
Save4it is a passbook pocket money savings account designed especially for children up to 16 year old who can invest between £1 and £5,000 at 4.8 per cent and to make it more fun, can call the account anything they like (eg First Bike Account).
Another way for parents to save for their children is the tax-free Scottish Friendly Child Bond, for more information click on our free brochures page.
