Money Saving E-Newsletter
Enter e-mail address to signup NOW!
You are here:
Home 
Bank Accounts Latest News Parents 'raiding kids' savings accounts'
Bank Accounts Latest News Parents 'raiding kids' savings accounts' Parents 'raiding kids' savings accounts'
A significant number of mums and dads are raiding their children's saving accounts in order to meet essential financial commitments, it has been revealed.
New research has shown that a significant proportion of parents are draining their children's saving accounts">saving accounts.Figures released by Engage Mutual Assurance indicate that around a fifth of mums and dads admit to borrowing from their children's UK accounts.
Of such people, 12 per cent claim they did so in order to pay for repairs to their home, while 40 per cent of respondents took such action to meet demands for payment on household bills.
Karl Elliott, marketing director for Engage Mutual, states: "It is evident from this survey that the majority of parents who have borrowed money from their children have only done so because they found themselves in a desperate situation."
In 44 per cent of saving account raids, between £200 and £500 was taken out.
Meanwhile, those looking to compare saving accounts could be interested in recent guidance from lovemoney.com writer Jane Baker who noted that a cash ISA is "probably the most lucrative method" way for tax payers to save money.
By Bret Clement
Tuesday, 22 December 2009 00:00
Comments (2)
The comments listed below are opinions held by the individuals posting and are not endorsed by, or representative of opinions held by which4u.co.uk. We cannot be held responsible or liable for the accuracy or content of any comments submitted. We reserve the right to publish, remove or edit comments as we see fit.
-
Ewan Watson(Dundee) 2009-12-27 22:07:03Surely,the reason for giving children their own accounts is to teach them the best ways of saving for themselves,and not just a means of providing an extra facility for a parent.
-
Stephanie (London) 2010-01-31 00:36:47My father saved for me until i was 18 and then spent the money on a new harley!!! I think it should be illegal for parents to take the money away they have saved to give their children a better future. Maybe thats why todays youth is so bad, because parents are putting themselves before their children.
Top 5 Savings Accounts
|
Provider |
Notice |
Interest Paid |
Min Bal |
Apply |
|
|---|---|---|---|---|---|
| View Full Table > | |||||
 |
|||||
|
2.90%
|
Instant
|
Monthly
|
£1
|
||
 |
|||||
|
2.80%
|
Instant
|
Annually
|
£1
|
||
 |
|||||
|
2.50%
|
Instant
|
Monthly
|
£1
|
||
 |
|||||
|
2.50%
|
Instant
|
Annually
|
£1
|
||
 |
|||||
|
2.50%
|
Instant
|
Monthly
|
£1,000
|
||
ING Direct Savings Account
- New customers can enjoy a rate of 2.90% AER (2.86% gross p.a.) including a 2.36% gross bonus fixed for 12 months from account opening.
- After 12 months the rate will revert to our ING Direct Savings Account variable rate, currently 0.50% AER
- Move your money when you like, with no penalties or restrictions
- Start saving from £1, with no minimum or maximum monthly deposits required
- Open an account in minutes
- Award winning UK call centres
Halifax Online Saver
- 2.80% gross/AER variable including 12 month fixed bonus of 2.70%
- Speed & convenience of 24/7 online access
- Unlimited withdrawals
- Unlimited deposits
- Open from just £1
- Online access only
- Available from age 16 onwards
- Access your money by transferring to another account online
- Interest paid annually
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
Barnsley Building Society Online Saver
- Great on-going rate of 2.50% gross pa/AER† variable with NO bonus period!
- Apply online with Barnsley Building Society award-winning, paperless application. No forms to sign.
- Open an Online Saver with as little as £1
- Make withdrawals at any time as long as you leave a minimum balance of £1
- Check your balance and view your statements whenever you wish
- Log into our secure website to transfer money to your nominated bank or building society account or a nominated account held with us
- Rate includes a bonus of 0.50% until 31/12/2010.
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
Halifax Reward Saver
- 2.50% gross/AER variable or 2.25% gross/AER variable if five or more withdrawals have been made
- Further withdrawals available should you need them however these will suffer 30 days loss of interest on the amount you withdraw.
- Access your money by transferring to another account online
- Interest paid annually
- You need to be a UK resident personal customers aged 11+
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
Nationwide Regular Savings
- A competitive rate of interest of up to 2.50% AER, (2.50% gross p.a.)
- Flexibility to make unlimited withdrawals if you need to giving you the highest level of flexibility available.
- Open an account with as little as £1!
- Save up to £1000 each month.
- Open and manage your account online using the Nationwide MySave Online Savings site.
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
Natwest e-Savings
- No penalties – we don't charge you for withdrawing your money
- Start saving with £1 - and there's no minimum balance
- Monthly interest – paid directly into your account
- No need for an existing NatWest account – although if you have one, it's quick and easy to move money between e-Savings and your other NatWest accounts
- Get the savings habit – we can set up a regular transfer from another NatWest account
- Set up and track your own personal savings goals - through Online Banking
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
RBS Direct Saver
- you will earn the following rate of interest: 1% AER/Gross (variable)
- Instant access to your funds with no penalties
- Monthly tax-free interest – RBS can pay the interest into your Direct Saver or another RBS account.
- Manage your ISA by Phone, post, in branch and online
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
Halifax 2 Year Fixed Rate Online Saver
- Account gives you a great rate of 3.85% AER
- You can open an account with just £500.
- The maximum balance is £9,000,000.
- Great fixed rates of interest - so you are protected against changes in interest rates and know exactly what you'll earn.
- On maturity you'll still get a good rate as your savings and interest are transferred into the Variable Rate Web Saver (which is opened at the same time as your Fixed Rate account).
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
Scottish Widows Direct Transfer Account
- Rate includes a bonus of 0.89% for 12 months
- Minimum balance £1000
- Deposits can be made by internet banking, telephone or post
- No notice period or penalties for withdrawals
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
ING Direct Cash ISA
- Act now and you can enjoy a great tax free rate of 3.0% AER variable (2.96% gross p.a variable, including a 1.96% gross p.a bonus fixed for 12 months from opening)
- This rate then reverts to a variable Cash ISA rate currently 1.00% gross/AER.
- The interest is calculated daily and paid monthly.
- You can invest from £1 up to £5,340 each tax year and benefit from tax free savings.
- You can NOT transfer your existing ISA balances to this ISA
- The tax year runs from 6 April to 5 April the following year.
- You can invest in one lump sum or in any number of smaller payments up to the annual subscription limit (£5,340).
Natwest e-ISA
- Save from £1 and save up to £5,340 per tax year
- If you wish to transfer your existing ISAs balances to this ISA you will earn the following rate of interest:
- £0 - £9,999 = 2.00% AER
- £10,000 - £29,900 = 2.25% AER
- £30,000+ = 2.50% AER
- Instant access to your funds with no penalties
- Monthly tax-free interest – Natwest can pay the interest into your Cash ISA Plus or another NatWest account.
- Manage your ISA by Phone, post, in branch and online
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
