Encouraging children to save
from an early age is a good
idea and most providers offer
accounts aimed specifically at
that is open to all
currently on the market comes
from HSBC. MySavings is an
instant access account for
those aged between seven and
17 years and pays a variable
rate of 2.47% gross monthly,
although it should be noted that
0.25% gross is paid on
balances of £3,001 and over.
This account requires an
opening minimum deposit of
£10. It must be opened in
branch, but can then be
managed in branch, by phone,
online and via mobile app.
Unlimited further additions are
allowed. Withdrawals are
permitted but a parent/guardian’s
signature is required for
withdrawals of £50 or over for
As an extra incentive, a free
moneybox is available when
you open this account.
At the same time, Principality Building Society launched a
one-year fixed rate ISA.
1 Year Fixed Rate Cash ISA Issue 234 pays 0.50% gross on maturity on a £500
opening minimum deposit. This ISA allows further additions while the issue remains
open. Earlier access is permitted on closure only and subject to a 90 days’ loss of
interest penalty. Transfers in are accepted. Transfers out are allowed but are subject
to the same interest-loss penalty as earlier access. This ISA can be both opened and
managed in branch, by post and online. For income-seekers, there is a version of this
ISA that pays interest monthly at the same gross rate.
Family Building Society launched a
35-day notice account
this week. 35 Day Notice
Saver (2) pays 0.45% gross yearly on a £1,000 opening deposit or 0.55% on deposits
of £50,000. Further additions are allowed. Withdrawals from a minimum of £100 are
permitted subject to 35 days’ notice. The account can be opened in branch, by post, or
online and then managed in branch, by post, by phone and online.
At the same time, Family Building Society launched an
easy access savings account.
Online Saver (3) pays 0.36% gross yearly on a £100 opening minimum deposit.
Further additions are allowed. Withdrawals from a minimum of £100 are permitted.
The account must be opened and managed online.
This week, ICICI Bank UK launched a
five-year fixed rate bond.
Raisin UK – 9 Month Fixed Term Deposit pays 0.40% gross, Raisin UK – 1
Year Fixed Term Deposit pays 0.50% gross, Raisin UK – 2 Year Fixed Term Deposit
pays 0.50% gross, Raisin UK – 3 Year Fixed Term Deposit pays 0.50% gross, and
Raisin UK – 5 Year Fixed Term Deposit pays 0.51% gross. All bonds pay interest on
maturity and require a £1,000 minimum deposit to open. In addition to this, when a
first savings account is opened via the Raisin UK website, savers are offered a bonus
or Amazon Gift Card of up to £50. Once opened, these bonds do not allow further
additions or withdrawals. They must be opened online but can then be managed by
post, by phone and online.
At the same time, ICICI Bank UK launched an
easy access account.
Raisin UK – Easy
Access Account pays 0.30% gross monthly on a £1,000 opening minimum deposit.
Savers opening this account benefit from Raisin UK offering a bonus or Amazon Gift
Card of up to £50 when the first Raisin UK savings account is opened via its website.
The account allows further additions and withdrawals, but all transactions must be
from a minimum of £500. The account can only be opened online but can then be
managed by post, by phone and online.
Arbuthnot Direct launched a
three-year fixed rate bond
this week. 3 Year Fixed Term
Deposit Issue 4 pays 1.00% gross on anniversary on a £10,000 opening minimum
deposit. The bond allows further additions within 14 days of account opening.
Withdrawals are not permitted. It must be opened and managed online.
This week, Teachers Building Society launched a
two-year fixed rate bond.
Fixed Rate Bond (Issue 282) pays 0.85%
gross yearly on a £500 opening minimum deposit. This bond allows further additions while the issue remains open.
Withdrawals are not permitted. It can be both opened and managed by post and online.