Savings: Interest rate cut on over 100 children’s savings accounts

Little girl wearing eyeglasses with piggy bankNew research has shown that interest rates on children’s savings accounts have been cut dramatically over recent weeks. The research, from Moneyfacts, shows that interest rates have been slashed on 115 children’s savings accounts over the past year. The cuts mean the average rate is now just 1.16%. The news will come as a huge disappointment to parents who now, more than ever, need to save on behalf of their children. With the cost of university rising and it becoming harder to get onto the housing ladder, ...