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Start saving early! Skipton launches new children's savers accounts

18th May 2016 Print

Award-winning children’s savings provider Skipton Building Society is introducing two new Children’s Savers accounts.

One of the accounts will allow youngsters to save into directly, while parents and grandparents will be able to put savings in a bare trust account where money is held by an individual on behalf of another. The beneficiary can then access the funds at age 18.

Both accounts can be operated with a minimum balance of £1 and maximum of £50,000, and pay 2.00% gross pa.

Kris Brewster, Skipton’s Head of Products, said: “These accounts have been designed to help provide customers with a choice about how they wish to save for their children.

“At Skipton, we understand the importance of putting savings in place for a child’s future, which is why we offer a range of products to suit different circumstances and savings goals. From the new Children’s Savers account, which allows young people to start saving from as little as £1, to our Junior Cash ISA which allows your child to invest tax-free, we have a children's saving account to suit your needs.

“Whether parents or grandparents are investing on behalf of a child, or want to teach them to save from an early age, we would encourage them to start planning for their future as soon as possible.”

Skipton was named as the Best Direct Junior Cash ISA Provider 2015 at the Awards and Best Junior/Children’s Savings Provider 2015 at the Personal Finance Awards.