Children's Saving's Account's

[cap'njack.]

Hi,

I understand that this is probably quite obvious but its the scale that shocked me.

I openend a saving's account for my son Kacee 18 months ago, when I opened the account the interest rate was 6.5% APR.

After going to my local branch to open an account for my new son Macklyn, I was told that the interest rate is now just 0.90% .

I am disgusted that the rates have dropped by so much but understand the reason's for this. What I am most annoyed about is the fact that at NO stage have we been informed by way of a letter as to the drop in interest rates. I will be withdrawing all of Kacee's money from said accout and opening a new account with an interest rate of 2.10%.

I'd urge all of you who have savings account for your little ones to check the rates they recieve and to shop around for a better rate

 

[natalielongstaff]

Very good point, thanks

 

[tennisfan]

My ISA has dropped about the same amount. No one is offering good rates & it will only get worse all the time the BofE is dropping the rates quickly without seeing if they will actually work for a couple of months.

 

[poppie123]

My savings are making so little interest in my bank that i may as well draw it all out and put it under the floorboards (probably safer as well )

 

[GlendaONeill]

I just got Martin Lewis' moneysaving email and it said if you were regularly paying money into an account for a child you could get a good deal with the Halifax of 8% AER fixed for a year with the Halifax's Children's Regular Saver. You can't open it with a lump sum and if you miss a regular payment they close the accout BUT if you were paying it to an account anyway you might as well get that interest for a year. It's worth a look I guess.

 

[wicket2005]

We have seen the interest from our savings rocket down, bad time for people who save.