High street bank Halifax is celebrating the one-year anniversary of its Children's Regular Saver account.
The account was launched in June 2005, offering a fixed rate of ten per cent on regular savings of between £10 and £100 a month, with the capital and interest being moved into another children's account after the 12 month expiry.
Halifax reports that within two weeks of the new product's launch, 30,000 of the premium-interest accounts had been opened, averaging £70 a month of savings income, the majority of which will now have matured and paid the interest due.
"Halifax broke new ground with Children's Regular Saver, paying the highest rate available on even small monthly deposits," said Peter Jackson, Halifax's head of banking and savings.
"We are delighted at the success of the account and I am sure parents will be delighted with the returns it has generated for their children."
This is positive news for childrens' savings and investments following reports last week that take-up of Child Trust Funds (CTFs) was lower than expected.To read more about savings and investments, click here.
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