Newcastle Building Society launched its new Children's Regular Saver account this week, offering kids the chance to save money and parents to invest money for their children's future.
The account is open to anyone under the age of 18 years and can be started with as little as £1.
Head of marketing and new media at Newcastle Building Society, Steve Urwin, said: "We believe that our new Children’s Regular Saver account is a fantastic addition to our children’s savings product range. Nowadays it is important to give children a head start when it comes to financial matters and our new account is aimed at offering an easy and hassle-free way of building up a fund for a child’s future."
Newcastle offers a whole range of products geared towards children, including Nova 18, a no-notice passbook account and a child trust fund through Liverpool Victoria, which is an equity-based stakeholder fund.
A survey by National Savings and Investments (NS&I) last week revealed that people in the age 16-24 age bracket are the best savers in Britain.
Known as YADs, young and determined savers, they save as much as ten per cent of their income, the highest compared to any other group.To read more about Child Savings, click here.
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