Halifax Children's Regular Saver account launched

A Halifax Children's Regular Saver account that offers a ten per cent savings rate has been launched.

The account will offer customers who save between £10 and £100 every month a fixed rate of ten per cent gross on their savings for a full year.

It is targeted at adults who want to save money for their children on a regular basis.

Halifax launched the account following research which showed that while 54 per cent of adults are concerned about their children's financial welfare, 63 per cent save no money on behalf of their children or other relatives.

Of those that do save for their children, 73 per cent save monthly or more often, meaning that the Halifax Children's Regular Saver would be well suited to most savers.

Cheryl Millington, head of savings at Halifax, said: "Bringing up children is more and more expensive. So, the most effective way to meet those costs is to start early and plan ahead.

"Children's Regular Saver makes regular saving for a child's future available to everyone by paying the best rate available on even small monthly deposits."