UK Money News
30th June 2008
New youth account from Abbey
Abbey has launched a new current account for children offering young savers a rate of eight per cent.
The account pays this rate on balances of up to £500 and has been launched by the building society after a study showed that a good rate of interest is the feature most prized by children aged between 11 and 15.
This was cited as the most important factor in choosing an account by 30 per cent of those surveyed, compared with gimmicks and special offers which were deemed most important by just ten per cent.
Steve Shore, director of Abbey Banking, commented: "Most kids let their parents set up a bank account for them anyway so this is a way of rewarding family loyalty.
"It's one of the highest rates in the market for kids and we have a great switcher account for adults too, which also pays eight per cent on balances up to £2,500."
The account is available to children between the ages of 11 and 18.
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