Warm Welcome for Children''s Regular Saver
27 June 2005
Source: Halifax press release
Halifax today announces that, since the launch of its new 10% Children's Regular Saver just two weeks ago, 30,000 accounts have already been opened, with an average of £70 per month being saved.
Cheryl Millington, head of savings at Halifax, said:
'We are delighted with the level of interest in our new Children's Regular Saver account, and it is encouraging to see that parents are embracing the concept of saving for their children on a regular basis.
'This account makes regular saving for a child's future an option for everyone by paying the best rate available, even on small monthly deposits.'
Key Features of Children's Regular Saver:
10% Gross interest, fixed for a year.
Deposit between £10 and £100 each month by standing order from a bank account. Deposits can be varied month to month within these amounts.
Open to new and existing customers, with one account per adult on behalf of each child.
Each year the capital and interest are swept into either a Halifax save4it account, or an existing Halifax savings account held by the adult on the child's behalf. The Children's Regular Saver account then remains open and deposits can continue to be made.
If the account is closed early, the rate of interest will be at the save4it rate (currently 5.05% Gross) for the period of investment.
Children will be able to receive gross interest following registration by a parent/guardian.
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