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Children’s Savings – Instant Access and Notice
Children’s accounts are generally held in the name of the child with the parent, grandparent or guardian acting as signatory on the account.
Notice Savings accounts require you to give your bank advanced notice whenever you would like to take money out of your accounts. This is usually between 30 and 180 days and although this may be an inconvenience it means you will generally receive a higher rate of interest.
Some Notice Savings accounts will allow early access on payment of a penalty, generally in the form of loss of interest.
Alternatively an Instant Access account gives you the possibility of withdrawing money at any time without being required to pay a penalty. Instant Access accounts often pay a lower rate of interest than accounts which require notice, although this is not always the case.
Both Instant Access and Notice Accounts often come with a bonus, or introductory, rate of interest. Whilst these bonus rates can help increase the interest received savers need to keep a careful watch on their accounts and consider moving to more competitive rates of interest when the bonus rate is removed.