Newcastle launches savings account for kids

Monday, September 19, 2005

Newcastle Building Society has announced the launch of a new savings product for children.

Called the Children's Regular Saver, the account offers a rate of 4.75 per cent with an added bonus of two per cent if savers make 11 or more monthly deposits during the year.

Available to all under the age of eighteen, the minimum balance is £1 and six withdrawals are allowed penalty-free annually.

Head of marketing and new media at Newcastle, Steve Unwin, said: "We believe that our new Children's Regular Saver account is a fantastic addition to our children's savings product range.

"The competitive rate offers a great incentive to make regular monthly payments of as little as £10 a month and is a great account for anyone wishing to invest money for their children."