UK: Halifax increases rate on Kids Regular Saver from 4% to 4.5%

Halifax Bank has increased the rate of its 12-month fixed rate Kids Regular Saving account to 4.5%, making it the highest rate available in the market at the time of writing.

Parents who open this account can deposit from £10 to £100 pounds each month by a standing order, with interest paid annually on the anniversary of the opening of the account. Money cannot be withdrawn until the full 12 months have passed.

To apply for the Kid’s Regular Saver, consumers must live in the same household as their children, who must be 15 years or younger. Only one account can be opened per child. Applications can be made online or via a Halifax branch, but the account can only be managed via the branch.

RFi Group data shows that among families with children under the age of 16, 41% hold a child’s account, demonstrating that there is a large market for Halifax to target.

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