Yorkshire Bank launches new savings accounts for children

28th June 2012

Yorkshire Bank will launch two new savings accounts for children on Monday 2nd July 2012.

Headstart and Jumpstart Savers Accounts are designed to help parents save for their child’s future and also to encourage youngsters to start saving themselves.

Headstart allows parents to put away money to help towards the cost of going to university, buying a first car or home or just to give their children a financial helping hand.

The 95 day notice savings account* for youngsters up to the age of 17 allows parents to save with control passing to the child on their 17th birthday.

Key features of the account include:

• Interest linked to Bank of England base rate
• Save as much or as little as you like
• Withdraw cash by giving 95 days’ notice
• Get your child into the habit of saving

The gross interest figures below include a 1% bonus which is available until the 30th September 2013. The rates, including the 1% bonus, are as follows:

Jumpstart is a Child Instant Access Savings Account for children aged 6 to 17 with youngsters aged 11 and over able to have their own Dual Function Card*

On opening the account youngsters aged 6-10 will receive a free watch* and 11-17 year olds receive a set of earphones*.

Key features of the account include:

• Dual Function Card for youngsters aged 11 (with parental consent)
• Interest paid quarterly
• Save as little or as much as you like

Interest rates for Jumpstart are as follows:

Steve Reid, Retail Director for Yorkshire Bank, said: "We are committed to providing a range of competitive accounts for all stages of life. Headstart and Jumpstart are the ideal way for parents to invest in their child's future and to set a good example by encouraging youngsters to start saving from an early age."

More information is available at local branches of Yorkshire Bank, by calling 0800 20 21 22 or online at www.ybonline.co.uk