Building society update affecting all 82 branches | Personal Finance | Finance
A major building society is rolling out a programme across all branches alongside the launch of two new children’s savings accounts paying up to 4%, as it urges families to start building nest eggs for youngsters.
Skipton has unveiled a new Children’s Saver paying 3.65% and a Young Regular Saver paying 4.00%, with the products aimed at helping parents, grandparents and other relatives save towards a child’s future. At the same time, Skipton is hosting children’s savings open days in branches between July 27 and August 8, along with a nationwide colouring competition during the school holidays.
The move comes as families continue to look for ways to make their money work harder after years of high inflation and elevated interest rates. While savings rates have eased from their recent peaks as the Bank of England has cut borrowing costs, competition among providers for savers remains strong.
The new Children’s Saver pays 3.65% on balances from £1 up to £20,000 and is available to under-18s. It offers easy access and can be opened in branch or by post.
Meanwhile, the Young Regular Saver pays 4.00% and is available to children aged 12 to 17. Customers can save up to £100 a month, with balances of up to £7,200.
Alex Sitaras, Head of Savings & Partnership Products at Skipton Building Society, said: “Developing good savings habits from an early age can make a real difference later in life, which is why we’re delighted to launch our new Children’s Saver and Young Regular Saver, helping families take positive steps towards building a child’s financial future.
“Whether it’s parents setting money aside each month, grandparents contributing towards birthdays and special occasions, or other family members helping to build a nest egg for a child’s future, saving early can help create stronger financial foundations and encourage good money habits that last a lifetime.
“As a mutual, we’re committed to helping people build financial resilience at every stage of life. We’d encourage families to visit their local Skipton branch to find out more about our children’s savings accounts, including our competitive Junior ISA, chat to our friendly team and let their children get involved in our summer colouring competition while they’re there.”
As part of the initiative, every Skipton branch will hold a children’s savings open day where families can learn more about the accounts and the benefits of saving from an early age.
Children can also enter a colouring competition featuring Skipton Castle, with each of the society’s 82 branches selecting a winner, who will receive a £20 gift voucher and have their artwork displayed in branch.
Skipton, which has more than one million members, said the initiative forms part of its wider effort to help customers build financial resilience throughout their lives, from childhood through to retirement.
