Banking & Saving - Parents 'raiding kids' savings accounts'
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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.
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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.
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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.
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| Provider | AER | Notice | Interest Paid | Min Bal | Apply |
|---|---|---|---|---|---|
| View Full Table > | |||||
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ING Direct Savings Account | ||||
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2.75%
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Instant
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Monthly
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£1
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Post Office Online Saver | ||||
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2.75%
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Instant
|
Monthly
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£1
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Santander eSaver Issue 2 | ||||
|
2.75%
|
Instant
|
Monthly
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£1
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Halifax Websaver Extra | ||||
|
2.60%
|
Instant
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Annually
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£1
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Chelsea BS e-Saver Reward | ||||
|
2.60%
|
Instant
|
Monthly
|
£1
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- New ING Direct Savings Account customers can enjoy a guaranteed rate of 2.75% AER for 12 months from account opening (2.72% gross p.a.)
- Interest paid monthly
- 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
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- Rate applies to annual interest option and includes 1.25% gross/AER fixed interest bonus for the first 12 months
- Monthly interest option also available
- Great return of 2.75% gross/AER (variable), which includes a bonus of 2.25% gross/AER (variable) for the first 12 months from account opening.
- Save from just £1
- 24/7 access to your money without notice or penalty - Cash Card with every account!
- Interest is calculated daily and paid Monthly
- YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
- 2.60% AER on Balances £1 - No maximum balance
- Withdrawals - 1 withdrawal a year with no loss of interest.
- 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 £50,000 BY THE FSCS - Financial Services Compensation Scheme
- Great rate of 2.60% AER variable
- During April make unlimited withdrawals, or close your account, and still earn interest
- Interest paid monthly into the account or to another account
- Online application process to help make opening your e-Saver
- Reward easy
- 24-hour access to manage and view your account online
- Open an account with as little as £1
- 2.60% AER on Balances £1 - No maximum balance
- Withdrawals - 1 withdrawal a year with no loss of interest.
- 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 £50,000 BY THE FSCS - Financial Services Compensation Scheme
- Get 2.00% gross p.a./AER providing you don't make more than 3 withdrawals per year (more than this will result in a lower rate of interest).
- Save from £1 to £500,000
- If you ARE a Nationwide FlexAccount holder, you can set up a high interest internet savings account online
- If you are NOT a Nationwide FlexAccount holder, you WILL need to open a FlexAccount Online at the same time as opening your e-Savings Plus.
- A variable rate of interest, currently 1.60% AER/Gross.
- This rate includes a fixed introductory bonus of 1.50% AER for the first 12 months.
- On balances of £1 or more we agree to pay a gross annual interest rate which tracks at 1.5% below the Bank of England Base Rate until 31 December 2010 (but the rate will never be less than 0.10%).
- Open from as little as £1.
- Interest paid annually.
- Instant access - the convenience of Internet Banking or PhoneBank® means you can access your savings when it suits you.
- No limits on how much you can save.
- The options to have a standing order payment into your account, so you know your savings are always growing.
- Optional Cashpoint® card for easy access on the move.
- you will earn the following rate of interest:
- £0 - £9,999 = 1.00% AER
- £10,000 - £24,999 = 1.10% AER
- £25,000 - £49,999 = 1.20% AER
- £50,000+ = 1.50% AER
- Instant access to your funds with no penalties
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- Manage your ISA by Phone, post, in branch and online
- Interest paid monthly
- If you make NO Withdrawals in a month you get 1.26% AER (1.25% gross pa*)
- If you make a withdrawal you get 0.85% AER (0.85% gross pa)for that month
- Rates include a 12 month introductory bonus of 0.75% gross, payable from the date you open your account with a minimum of £1
- If your a Barclays customer you get easy transfer between your Barclays current and savings accounts
- Maximum balance of £2million
- YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
- Get 1.0% AER Flat rate – the interest rate stays the same, no matter how much you save
- No penalties – we don't charge you for withdrawing your money
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