CONNECTION_ERROR Halifax launches new kids’ savings accounts | DISRUPTS.COM

Halifax is launching two new savings accounts for children. The Halifax Kids’ Saver and the Kids’ Monthly Saver offer easy multi-channel access and management for parents, as well as competitive rates.

The Kids’ Monthly Saver allows parents and relatives to save between £10 and £100 a month for their children, at a market-leading interest rate of 4.5% AER (fixed). The Kids’ Saver offers a variable rate of 2.0% AER on balances up to £5,000.

The new accounts can be opened online as well as in branch, and can be serviced online, over the phone and in branch.

Giles Martin, Head of Halifax Savings, said: “Feedback from parents showed that they wanted to be able to open a savings account for their children quickly and easily, with competitive rates, but they also wanted the flexibility and peace of mind of managing it online.

“Opening a savings account is a great opportunity for parents to help their kids understand about money, and to get them into the savings habit from an early age.

The Halifax Kids’ Saver  will replace the Halifax Young Saver, and the Kids’ Monthly Saver  will replace the Kids’ Regular Saver account.

Key features of the Halifax Kids’ Saver account:

  • Available in branch, over the phone and online
  • Adult is account owner and operates account on behalf of the child (15 or under)
  • Maximum 2 accounts per child
  • £1 minimum opening balance
  • 1.98% gross/2.00% AER on balances up to £5,000; 0.20% gross/AER on balances over £5,000
  • Interest rates are variable and paid monthly
  • Unlimited withdrawals 

Key features of the Halifax Kids’ Monthly Saver account:

  • Available in branch, over the phone and online
  • Adult is account owner and operates account on behalf of the child (15 or under)
  • Customers can save between £10 to £100, to be paid by standing order each month
  • 4.50% gross/AER. Interest rates are fixed and paid annually
  • After 12 months any balance plus interest transfers into a Halifax Kids’ Saver account
  • Withdrawals allowed only on closure