Working in the financial industry for over 30 years, Rachel Thrussell is the leading independent expert on UK savings products. Her views are constantly in demand from both the industry and the press.
I have been advised that the children’s savings accounts I hold for my four grandchildren through Nationwide are having their rates reduced to 2%. Can I do better? The children are aged between seven and 13 and I have approximately £48,000 across all accounts. I don’t like to take risks!
There are several children’s savings accounts available that currently pay in excess of 2%, so it could definitely be a good time to see what else is out there. You mention that your grandchildren’s accounts are currently with Nationwide – the mutual also has a Future Saver account paying 2.50% yearly for children up to the age of 15, or if you hold a particular current account with them, the rate goes up to 3.50%. Alternatively, HSBC’s MySavings account is open to all and pays 3% AER (2.96% on a monthly basis) to children aged between seven and 17, the top rate for restriction-free variable rate child savings accounts.
|1 Year Fixed Rate Bond||1.46%|
|2 Year Fixed Rate Bond||1.61%|
|3 Year Fixed Rate Bond||1.81%|
|4 Year Fixed Rate Bond||2.06%|
|5 Year Fixed Rate Bond||2.11%|
|21 May 2019|
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