HSBC 5.25% Childrens Savings

Secret_Wookie

Looks like HSBC have a childrens savings account coming out paying
5.25% AER, 5.13% gross.

They also look like they are increasing the rate on HISA for Children
where parents can save re a child also to 5.25% from Monday.


From Moneyfacts

HSBC Savings 22/03/2007 MYSAVINGS will be launched and YOUNG SAVERS will be withdrawn w.e.f. 26.3.07. MYSAVINGS: an instant access account with a minimum investment of £1 paying 5.13% monthly. Available to those aged 7-17. Incentive of 'Safe' money box received on opening.

Bisoy

Still not very competitive. Halifax still offers 10% for regular savers and instant access children savings account: Tops the chart Bradford and Bingley 5.75% and followed closely by YBS one day account 5.70%.

gil13

We just opened the bradford & bingley first save account, it pays a base 5.25% but if you make no more than 3 withdrawals in a year(which we wont) then the bonus takes it to 5.75%. the child gets a pengiun book on opening as a gift and one each year if no withdrawals as above. we found this account to be the one for us, we needed one with a good number of branches and without any chopping and changing. we will however always keep an eye on the interest rate in case it becomes uncompetitve but I don't think this will be in B&B's strategy. As far as banks go, we actually found the B&B staff in the branch to be really helpful and was pleasantly surprised for change when it comes to banks.

Secret_Wookie

The good thing with the HSBC accounts is that the max balance is unlimited
compared to £25k on B&B Young Saver and a miserly 5k on the Halifax Save for it account.

For any kids who have come into a lump sum inhertiance that you dont want
them to get their hands the HISA for Children account pays 5.25% on any balance.

Jake'sGran

Bisoy wrote: »

Still not very competitive. Halifax still offers 10% for regular savers and instant access children savings account: Tops the chart Bradford and Bingley 5.75% and followed closely by YBS one day account 5.70%.

I have just reinvested the money my grandsons had with Leek Building Society for another year in their limited issue bond at 5.9%. It's the same rate whether paid monthly or annually. I like to try and get the best rates I can find for them.