Nowadays, it is very important to learn how to save money. Majority of people do not need any lessons how to spend money but they need to learn how to save it and how to organize their budget. Learn how!
The sooner you learn how to organize your budget the better. For that reason Lloyds TSB offers Young Saver account for children who are under 16 years of age.
Naturally, the account needs to be opened and managed by a person who is 18 or older on behalf of the child. As soon as the child turns 16 the account will convert into an Easy Saver solely in the child´s name.
Characteristics
• 3.00 % AER from £1• 0.50% AER on any funds over £20,000
• Variable interest
• Interest paid quarterly
• Receive a gift on account opening
• Instant access through your local branch
• Flexibility
In order to open a Young Savers account you need to be a current Lloyds TSB account holder.
Save the change
You can help your children even more by putting away pennies from everyday transactions. All you need to do is to register your Lloyds TSB current account for Save the Change.
In practice it means that every time you pay with your Lloyds TSB Visa debit card, the amount will be rounded to the nearest pound. This little money will then be transferred to your child´s Young Saver account.
Moreover, you can turn on and off this feature anytime you want simply through your Internet Banking. The money will be transferred only in case that your current account is in credit.
Other ways to save up
Other members of the family can also contribute and set up a standing order. Saving regularly is an easy way to grow your savings.
Withdrawals can be made only at a branch. The withdrawal will not affect the interest.
Read full article at http://portal-loans.co.uk/young-savers-account/
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