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Leeds Building Society has launched a new savings account for children - the Dinosaver account paying 5.20% gross p.a./AER on a minimum operating balance of £10, with full instant access to the funds at any time, without notice or penalty.
Unlimited withdrawals are allowed, provided the minimum operating balance of £10 is maintained. Withdrawals must be made by a parent / guardian.
Additional investments can be made at any time.
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The account is available to those from 0-11 years of age. At the age of 12, the account changes to the 12-17 year old account available at the time.
The Society has also launched a new account for older children, aged 12-17 years, called The Vault. This also pays 5.20% gross p.a./AER on minimum investment of £10 and also allows full instant access to the funds at any time, without notice or penalty.
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One withdrawal a week - up to £250 - may be made by the account holder. Withdrawals over £250 and additional withdrawals in a week must be signed by both the account holder and a parent/guardian.
At 18 years old the account will automatically upgrade to the Society's Loyalty I-save account.
16 August 2007 © Moneyextra.com
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