BANK ACCOUNTS

Halifax launches saver range for children

Halifax has launched a range of Fixed Saver accounts exclusively for its younger customers, the bank has announced.

The Halifax Kids Fixed Saver range is available for children aged 0 to 15 years old, and offers various terms and interest rates.

Whether it is a late Christmas present, a New Year’s resolution, or a birthday present, parents can open a Halifax Kids Fixed Saver account with a minimum of £500.

The Kids Fixed Saver range offers various term lengths, each giving different interest rates. Term periods range from three months up to five years.

"You don't need an excuse to start saving for your children, but Christmas and the start of a New Year is a great time to start,” said Rob Wood, Head of Halifax Savings.

The Kids Fixed Saver products are based on a range previously only available for adults, offering parents more choice and flexibility over their child’s bank account.

“The Kids Fixed Savings range provides parents with not only a great alternative for those looking to give a different kind of Christmas present, but some really competitive choices for their children's savings,” added Mr Wood.

Customers who open a three month saver account can get AER of 0.90%, those who open a year-long saver account will get 2.40% AER.

For a two year account customers will benefit from 3.40% AER, and for the maximum five year Kids Fixed Saver account customers will get annual interest of 4.20%.

The interest on the savings accounts can be paid monthly or on maturity for the three and six month terms, monthly or quarterly on the nine month term, or monthly or annually on the one to five year terms.

Mr Wood added: “We think customers will really value these options and will get a very attractive return for that lump sum.”

Tags: AER, BANK ACCOUNTS, children savings accounts, child’s bank account, Halifax Kids Fixed Saver, younger customers