Skipton encourages children's savings with new 5-year bond

Skipton Building Society has bolstered its good value range of young people's savings with a unique new Children's Bond offering a rate of 3.00%, fixed for five years.
 
This competitive new account can be opened at any of the Society's branches, subject to a minimum deposit of £100 and a maximum of £10,000.
 
This is the latest example of how the Society is striving to help savers achieve decent returns despite the fact that new Bank of England Governor Mark Carney's recent comments mean the Base Rate is now likely to remain exceptionally low for longer.
 
The new bond complements the Society's existing range of competitive children's savings, which include our Junior ISA paying 3.02% p.a. AER tax free and a Leap account offering 2.75% interest (including a 0.50% bonus for the first year) gross. Skipton was among the first providers to offer the new Junior ISA.
 
Kris Brewster, the Society's Head of Products, said: "In these days when the rising costs of bringing up children are well documented, we're keen to do everything possible to help parents put away some cash towards things such as education, driving lessons and first homes.
 
"We believe this product is outstanding in the market place and fixing the bond over a longer term enables us to offer a standout rate.
 
"At 3.00%, this is currently very competitive and - with Bank Base Rate expected to remain unusually low for some time to come - promises to offer value over its term, even if central rates do rise before it matures
 
"It also offers parents an additional option for saving for their children over the long term, if they have filled their annual subscription limit on other kinds of accounts in a particular year."
 
Skipton's general good value savings range includes fixed rate ISAs, and bonds including a one-of-a-kind limited edition seven-year product offering 3.50% p.a. AER. Our seven-year bond was recently officially recognised by Moneyfacts as the only savings product on the market currently offering above-inflation returns - out of the 804 bank and building society accounts available at the time.
 
Anyone wishing to find out more about our savings range can visit the Society's website at skipton.co.uk/savings.