Yorkshire Building Society wins Best Youth Account Award

Yorkshire Building Society has won the Best Youth Account Award for its Freedom Account in the Moneywise Children's Savings Awards.

Freedom is a savings account for young people aged 12 to 20 years and can be opened with as little as £10. The account currently pays 3.80% gross AER and comes with an ATM cash card to allow access to funds 24 hours a day, seven days a week.

The cash card allows young savers to enjoy a little financial independence but crucially parents have the option of setting a monthly withdrawal restriction for under 18s to help account holders manage their finances month to month, without letting them spend all their savings in one spree!

The Moneywise Children's Savings Awards are the only UK awards to take a detailed look at financial products for the children's market - a market where consistency is key and it is often difficult to distinguish between products.

Chris Smith, Senior Savings Product Manager at the Society said: "The children's savings market can be quite confusing as many accounts offer bonus interest rates which only last a short period of time, or require a large opening balance or regular fixed payments to secure the best rate.

"The Freedom Account has been designed to provide a consistently competitive interest rate coupled with features that are really useful to both young savers and their parents or guardians. The account can be opened with as little as £10, ensuring it is available to all levels of saver, and we're delighted that these positive features have been recognised by the Moneywise judges."