Yorkshire Building Society launches teenage savings account
Yorkshire Building Society has announced the launch of a new savings account aimed at teenagers.
The new account, called Freedom, is available to people between the ages of 12 and 20 and pays a gross AER of 3.8 per cent.Freedom account holders also get a cash card which allows them to withdraw their savings at any time, but parents have the option to set a monthly withdrawal limit to stop teenagers spending the savings all at once.
Chris Smith, senior savings product manager at the society, said: "The Freedom account has been designed to provide a consistently competitive interest rate coupled with features that are really useful to both young savers and their parents or guardians."
Last month, a survey by NatWest revealed that increasing numbers of parents were teaching their teenage children how to budget properly and cover their own expenses because of the credit crunch.
© Copyright
Related Articles
- Nationwide launches high interest savings account - 6th August, 2009
Those looking for a consistently high interest rate on their savings account may be interested in a new product from Nationwide.
Aiming to beat competition, the savings account comes with a rate which is automatically adjusted every month based on what the building society's rivals are offering, in order that customers receive market-leading interest levels... - Seven-year-olds overestimate savings - 4th September, 2009
A new poll has found that young children have wild ideas about how much they expect to have deposited into a savings account to fund themselves in the future.
Conducted by the Post Office, the survey asked seven-year-old youngsters how much they will have saved up by the time they are 18, with one in ten believing they will have accrued £1 million or more... - Savings accounts in the UK 'see rise in bonuses' - 28th July, 2009
More savings accounts in the UK are offering bonuses on top of interest rates in an attempt to win customers during the recession, a new report has found.
Conducted by financial website Moneyfacts.co.uk, the research analysed the number of variable-rate savings accounts coming with bonuses at different points over the past two years... - High interest savings account launched by Sainsbury's - 3rd September, 2009
Those looking for a high interest savings account which guarantees a return which is above the Bank of England's base rate may be interested in a new offer from supermarket chain Sainsbury's.
Currently offering a rate of 2.8 per cent gross, customers have been assured by the provider that interest will not drop below two per cent higher than the Bank of England's base rate, which at the moment stands at 0.5 per cent, for the first 12 months... - Children's bank account unveiled by Principality - 12th August, 2009
Principality Building Society have announced a new children's bank account offering interest of five per cent.
The Dylan's Children's Regular Saver can be opened with a deposit between £10 and £150, but payments must be kept up every month to keep the account active, a move which Principality believes can teach youngsters good savings habits.
Kids can also boost their pocket money, research into which shows that today's youngsters have £6.32 a week to deposit into their children's savings accounts, to be accentuated with the product's market-leading interest... - High interest savings rates 'not checked' - 8th September, 2009
A new report has found that Brits are not making sure they are receiving high interest savings rates on their accounts, despite the fact the base rate is currently at an all-time low.
According to Saga, 61 per cent of those with a savings account in the UK do not know what the return on the product is and 24 per cent do not look at the interest rate after opening it... - Leeds Building Society extends Isa savings account allowance - 30th July, 2009
Isa savings account provider Leeds Building Society is offering its customers an extra £1,500 allowance to gain tax-free interest on any money deposited in the products.
The company has taken up the Financial Services Authority's offer of the allowance, and those who have already reached the maximum investment for their 2009/2010 Isa savings account can still take advantage of the deal... - Expert advice to find the best savings accounts in the UK - 19th August, 2009
An expert has told consumers looking for a good deal on a savings account in the UK to make sure they check out all the features of a product before they commit to it.
Writing for MSN Money, moneysupermarket.com spokesperson Felicity King-Evans said that while the headline rate should be one deciding factor when choosing a savings account, other features may cut costs even further... - Short-term 'the way to go' with fixed-rate savings - 13th August, 2009
Financial advice website Moneynet.co.uk has offered those debating whether to take a fixed-rate savings account for the short or long-term some advice on which option is the best at the moment.
Research by the site shows that locking away £50,000 into a five-year fixed-rate savings account in the UK when the base rate first dropped to its lowest level of 0.5 per cent would have left the customer £7,000 worse off than if they had invested their money eight months earlier... - High interest savings accounts provide incentive to save - 17th August, 2009
Those with some extra cash to put away at the moment should be looking to make the most of a high interest savings account, according to one financial advice website.
moneysupermarket.com believes that, although the Bank of England's base rate is at an all-time low of 0.5 per cent, interest on savings accounts has been rising over the past month or so, with the top five products offering 3.11 per cent on average...