Poor interest rates on children’s savings accounts

Scandal of poor interest rates on children's savings accountsA new survey has highlighted the poor interest rates on many children’s savings accounts. The survey by Which? Money found that half of the easy access savings accounts designed for children paid interest of less than 1% gross AER. The worst offender was First Trust Bank whose Junior Saver account pays an interest rate of just 0.05%. Inflation Such paltry rates of interest are significantly below inflation meaning that the buying power of the savings will be eroded ...