Clydesdale Bank will launch two new savings accounts for children on Monday 2nd July 2012.
Headstart and Jumpstart Savers Accounts are designed to help parents save for their child’s future and also to encourage youngsters to start saving themselves.
Headstart allows parents to put away money to help towards the cost of going to university, buying a first car or home or just to give their children a financial helping hand.
The 95 day notice savings account* for youngsters up to the age of 17 allows parents to save with control passing to the child on their 17th birthday.
Key features of the account include:
The gross interest figures below include a 1% bonus which is available until the 30th September 2013. The rates, including the 1% bonus, are as follows:
Gross | Net | AER |
2.50% | 2.00% | 2.52% |
Jumpstart is a Child Instant Access Savings Account for children aged 6 to 17 with youngsters aged 11 and over able to have their own Dual Function Card*
On opening the account youngsters aged 6-10 will receive a free watch* and 11-17 year olds receive a set of earphones*.
Key features of the account include:
Interest rates for Jumpstart are as follows:
Gross | Net | AER | |
£1 - £249 | 0.10% | 0.08% | 0.10% |
£250 - £499 | 0.25% | 0.20% | 0.25% |
£500 - £999 | 0.50% | 0.40% | 0.50% |
£1,000 and over | 0.55% | 0.44% | 0.55% |
Steve Reid, Retail Director for Clydesdale Bank, said: "We are committed to providing a range of competitive accounts for all stages of life. Headstart and Jumpstart are the ideal way for parents to invest in their child's future and to set a good example by encouraging youngsters to start saving from an early age."
More information is available at local branches of Clydesdale Bank, by calling 0800 22 24 26 or online at www.cbonline.co.uk
You can find impartial information and guidance on money matters on the “Money advice service” website.
Clydesdale Bank is covered by the Financial Services Compensation Scheme (FSCS), Find out more.