Principality Market-Leading 5% AER Children’s Account
By Effective Communication
Children in Wales can get a big boost to their pocket money – and get into the business of saving – with a new regular saver account launched from Principality Building Society paying a great fixed interest rate of 5% AER.
Principality’s ‘Dylan’s Children’s Regular Saver’ has an interest rate that is almost double the current best buy easy access children’s account1 on the market, and is a welcome alternative to easy access children’s accounts that have been hit in this low interest rate environment.
Recent research2 shows that on average children in Britain receive £6.32 a week in pocket money, which amounts to £2.1 billion every year.
The new Principality offering is a fixed rate one year account, so children are guaranteed an excellent return on their money. For every account opened in branch, the new account holder will receive a china Dylan the Dragon moneybox – so they can start saving their pennies straight away.
The account can be opened with as little as £10 and up to a maximum of £150, with the required monthly deposit also ranging from a minimum of £10 up to £150 per month. The interest is calculated daily and paid on maturity of the account.
The monthly deposit can be made by cash, cheque or standing order and while the account has to be in the child’s name, cheque deposits and standing order payments to it can be made from an adult’s account.
Principality Building Society Cardiff retail sales manager, Mark Richards, said: “Principality’s new Dylan’s Children’s Regular Saver rewards children who save on monthly basis with a market-leading interest rate that gives a guaranteed sum at the end of the year. It’s the ideal account, for parents and grandparents alike, to teach their children and grandchildren how to save their pennies, and a great way to educate them on the benefits and rewards of saving.”
Dylan’s Children’s Regular Saver can be opened in any of Principality’s 50 branches throughout Wales and the Borders.
No additional deposits beyond the regular monthly deposit are allowed and no withdrawals are permitted prior to maturity. Closure is allowed and interest will be calculated and paid up until the date of closure. The opening deposit can be made by cash or cheque and regular deposits can be made by cash, cheque or standing order. If a payment is missed the product will revert to Principality’s standard children’s savings account.
Dylan’s Children’s Regular Saver pays 5% AER* (5% gross** p.a., or 4% net*** for tax payers), and children will need to have an R85 form completed for them to receive their interest without tax being deducted. There is no minimum age for opening the account, but the maximum age is 16. Savers turning 16 during the life of the account will have to complete an additional R85, to confirm that they are below the earnings threshold.
Tags: Dylan's Children Regular Saver, Principality Building Society
