Lenders slash returns on children’s accounts
High street banks and building societies are now taking the axe to child savings accounts as interest payments tumble to new lows.
There have been more than 100 rate reductions on child savings accounts so far this year, with providers reducing returns on products including junior Isas.
Accounts used by families to provide nest eggs for children previously tended to escape the regular round of cuts inflicted on other savings deals. But that has now changed, according to Moneyfacts, which said some now pay as little as 0.10 per cent a year.
Savers have also been hit in recent weeks by large... read more
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