Encouraging children to save
from an early age is a good
idea and most providers offer
accounts aimed specifically at
The top-paying children’s
account in our
children’s variable accounts
from HSBC. MySavings pays
2.47% gross monthly on a
minimum opening deposit of
£10. On balances over £3,000
a rate of 0.25% gross is paid.
The account is open to children
aged between 7 and 17 and will
revert to a Flexible Saver on
the child’s 18th birthday.
Both further additions and
withdrawals are permitted,
however, for children under 11
a parent or guardian’s signature
is required for withdrawals of
£50 or over. The account can
be opened in branch, or if the
child’s parent banks with
HSBC, the account can be
opened online. The account
comes with a free money box
on account opening. Once
opened, the account can be
managed in branch, by phone,
online and via mobile app.
minimum deposit is needed. While this bond does not allow earlier access,
further additions can be made for seven days from the account opening. This bond
must be opened and managed online.
This week, Moneycorp Bank increased the rate on its
90-day notice account.
a minimum investment of £10,000, the 90 Day Notice Account pays 1.00% gross
monthly. Further additions from a minimum of £10,000 are permitted while the issue
remains open. Withdrawals are permitted subject to providing 90 days’ notice. To
open this account, savers must either have or open a Deposit Account with
Moneycorp Bank for transactional purposes. This account can only be opened and
Nationwide Building Society launched a new
variable rate regular savings account
onto the market this week. Flex Regular Saver pays 2.00% gross on anniversary,
provided no more than three withdrawals are made in a 12-month period (a rate of
0.35% will be paid for the rest of the term if four or more withdrawals are made).
The account can be opened online or via mobile app with a minimum investment of
Once opened, the account can also be managed via mobile app or online. There is
no minimum that needs to be paid in each month, but the maximum monthly deposit
is £200. After 12 months, the account will revert into an instant access savings
account. Savers must either have or open a current account with Nationwide Building
Society to be eligible for this account.
This week, Hodge Bank increased the rate on its
one-year fixed rate cash ISA.
Year Fixed Rate Cash ISA now pays a competitive rate of 0.90% gross, which can be
paid either on maturity or monthly. Further additions and transfers in are permitted for
10 working days from the account opening, but the minimum transfer in accepted is
£1,000. This ISA can be opened online with a minimum deposit of £1,000. Once
opened, the account can then be managed online or by phone. Both earlier access
and transfers out are permitted, however, this is subject to 90 days’ loss of interest.
SmartSave launched highly competitive
three-year fixed rate bonds
week. Its 2 Year Fixed Rate Saver pays 1.61% gross on anniversary while the 3 Year
Fixed Rate Saver pays 1.83% gross on anniversary. To open these bonds, an
opening minimum deposit of £10,000 is needed. Although these bonds do not allow
earlier access, further additions are permitted for 14 days from the account opening.
They must be opened and managed online.
This week Chorley Building Society added a new
easy access account
product range. Easy Access Saver (6 Withdrawals) pays 0.60% gross yearly on a £500 minimum opening deposit. Six
withdrawals are permitted per account year, which runs from 1 January to 31 December, if more than six withdrawals are
made a lower rate of 0.10% gross will be paid for the remainder of the year. Further additions can be made while the issue
remains open. This account can be opened and managed in branch, online and via post.