The Nottingham launches The Child Regular Saver

A new high interest-bearing savings account - catering for the needs of children aged 16 or under - has been launched by The Nottingham.

The Child Regular Saver (issue 7) is backed by one of the UK's largest building societies. It offers an interest rate of 7.5%, which is fixed until December 2009. This makes it one of the most competitive accounts of its kind on the high street.

It enables parents, grandparents, godparents, aunts and uncles to help young relatives by setting aside regular savings - ideally every month.

Other key features include:

An initial deposit of just £10 can be used to open an account
Account holders can make unlimited withdrawals - without affecting the rate of interest paid
A maximum of £100 can be paid into the account every month. However, account holders can also miss as many monthly payments as they like

All Child Regular Saver (Issue 7) accounts will mature on 15 December 2009. After this date, savings will automatically be transferred to a Young Savers' Club account. This is a popular instant access children's savings account.

"The Child Regular Saver is an excellent savings account that gives parents, grandparents and other relatives and friends the ability to save money for young people at a very attractive rate of interest," comments The Nottingham's Clare Roberts.

"By giving up something as simple as their daily cappuccino costing £2.20, many adults in our heartland of Nottinghamshire, Lincolnshire, Derbyshire and South Yorkshire could start building a savings account for a young person they care about.

"With Christmas just around the corner, this is one present that has the potential to be treasured for a long time to come."

Child Regular Saver (Issue 7) can only be opened by an adult who provides proof that the account holder is aged 16 or under.

This account is strictly limited issue, therefore only one account is available per child.