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. To
operate the account online or
via mobile app, you must have
a MyAccount current account.
Unlimited further additions are
allowed. Withdrawals are
permitted but a parent/
guardian’s signature is required
for withdrawals of £50 or over
for under 11’s. As an extra
incentive, a free moneybox is
available when you open this
account and a MyAccount
current account is opened on
the child’s 11th birthday.
Account is needed. Further additions are not allowed, however further
accounts can be opened while the issue remains open. Earlier access is permitted
on closure only and subject to a £100 charge. The bond can only be opened and
managed by phone.
Secure Trust Bank launched a
60-day notice account
this week. 60 Day Notice
Account pays 0.61% gross quarterly on a £1,000 opening minimum deposit. This
account allows unlimited further additions of £1,000 or more. Up to four interest
withdrawals are permitted per annum and three capital withdrawals are permitted per
annum on 60 days’ notice. The account can only be opened online but can then be
managed by phone and online.
Britannia moved the end dates by two months on its
two-year fixed rate ISAs.
Fixed Rate Cash ISA – 31/01/2022 pays 0.15% gross yearly and Fixed Rate
Cash ISA – 31/01/2023 pays 0.20% gross yearly. Both ISAs require a £1 minimum
deposit to open for transfers in or a £5,000 minimum deposit to open for new money.
Both ISAs allow further additions while the issue remains open. They both permit
earlier access subject to 180 days’ loss of interest. Transfers in from cash ISAs are
allowed. Transfers out are subject to the same interest-loss penalty as earlier access.
These ISAs can be opened in branch, by phone or online and then managed in
branch and by post.
This week, Santander moved the end date on its
one-year fixed rate bonds
month. 1 Year Fixed Rate Bond pays 0.15% gross yearly and 123 1 Year Fixed Rate
Bond pays 0.20% gross yearly. Both bonds require a £500 minimum deposit to open
and now have an end date of 01.02.22. The 123 1 Year Fixed Rate Bond is only
available to existing 123 World or Select customers. Further additions and
withdrawals are not permitted on either bond. They can both be opened in branch,
online or via mobile app and then managed in branch and by phone. For those
looking to supplement their income, there are versions of both bonds that pay
interest monthly at the same gross rates.
At the same time, Santander moved the end date on its
two-year fixed rate ISA
one month. 2 Year Fixed Rate ISA pays 0.20% gross yearly on a £500 minimum
opening deposit. This ISA now has an end date of 01.02.23. It allows further
additions until 28.02.21. Earlier access is permitted on closure only and subject to
120 days’ loss of interest. Transfers in are accepted, transfer requests must be
received within 14 days of account opening for external transfers and by 28.02.21 for
internal transfers. Transfers out are subject to the same interest-loss penalty as
earlier access. This ISA can be opened in branch, online or via mobile app and then
managed in branch and by phone.
This week, Bank of London and The Middle East (BLME) continued to offer its competitive six-month fixed rate bond.
Premier Deposit Account
pays an expected profit rate of 0.50% gross on maturity on a £1,000 minimum opening deposit. To
open this bond, a BLME transfer account is needed to hold funds pending investment. This bond does not permit further
additions or withdrawals. It can only be opened online and must be managed by post.