There are different types of savings account.
A children's savings account is one among the special.
Halifax bank is providing one such kind.
Adults and Elder people maintain account in order to save money.
Children do not know to save money.
This account helps them to know about saving and depositing.
Moreover, it helps the children to develop saving habit.
This account also helps the parents to save money for their kids.
Halifax provides two types of children account.
The two types are Childrens Regular Saver and Save4it.
Both have different rules, benefits and interest rate.
Childrens Regular Saver: The interest rate is 6.
00%.
This rate is fixed one.
This scheme is reliable as the rate does not change.
The amount should be deposited monthly and regularly.
The minimum opening balance ranges from 10 pounds to 100 pounds.
The withdrawals can be made by closure only.
The access can be done through phone and online.
For more details, bank can also be reached.
This plan can be applied through online.
Save4it: The interest rate is 1.
05%.
The rate is not fixed one.
It is a variable.
The minimum opening balance is 1 pound.
You enjoy unlimited access and the saving amount is not fixed.
The access can be done through phone and online.
This plan can be applied through phone.
Withdrawals are also unlimited in this plan.
Eligibility: The child should be a UK resident.
The age limit of the applicant is 16 years.
If the applicant wishes, then the account can continue to exist.