The Nottingham launches 5% children’s account

The Nottingham launches 5% children's account

The Nottingham has launched a new savings account designed to meet the needs of children under 16.

The Child Regular Saver can be opened with a deposit of just £10, and offers a guaranteed interest rate of 5% fixed until April 2010.

Relatives can pay up to £100 into the account every month.

Once the account matures on 15 April 2010 it automatically transfers to an instant access Young Savers’ Club account.

The Nottingham spokesperson Clare Roberts said: “The Child Regular Saver gives parents, grandparents and other relatives and friends the ability to save money for young people.

“By giving up something as simple as their daily cappuccino costing £2.20, many adults in our heartland of Nottinghamshire, Lincolnshire, Derbyshire and South Yorkshire could start building a savings account for a young person they care about.”

The account can only be opened by an adult who provides proof that the account holder is under 16. Accounts are strictly limited to one per child.

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