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Credit Cards Latest News Kids 'understand parents' saving practices' Kids 'understand parents' saving practices'
Children have spoken out about their parents' saving habits, new research reveals.
Young people have a good grasp of their parents' saving habits, a new study indicates.Figures released by Tesco Savings reveal that in the event of receiving a £1,000 windfall more than half of six to ten-year-olds believe their mums and dads will either place such money into a saving account or use it to pay off credit card bills and other debts.
The study also reveals that 20 per cent of parents are saving money to make home improvements, with 17 per cent putting cash aside into UK accounts order to pay for a new car.
Meanwhile, 51 per cent of children questioned believe that they will one day be a millionaire.
"While their future ambitions may seem unrealistic, it is impressive to see how well even very young children understand what their parents are saving for," Jeremy Sutton, head of Tesco Savings, states.
A recent Abbey Savings study revealed that the average saver is placing £206 into a saving account each month, up from £163 recorded earlier this year.
Posted by Joe Letts
Tuesday, 13 October 2009 00:00
Top 5 Savings Accounts
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Provider |
Notice |
Interest Paid |
Min Bal |
Apply |
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3.01%
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Instant
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Monthly
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£1
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3.10%
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Instant
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Monthly
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£1
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2.50%
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Instant
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Monthly
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£1
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2.50%
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Instant
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Annually
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£10,000
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2.50%
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Instant
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Monthly
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£1,000
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Post Office Online Saver
- Access your savings 24/7/365
- Apply online in less than 10 minutes
- Instant account opening
- Open a savings account with just £1
- Rate applies to annual interest option and includes 1.36% gross/AER fixed interest bonus for the first 12 months
- Monthly interest option also available
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
ING Direct Savings Account
- New customers can enjoy a variable rate of 3.10% AER (3.06% gross p.a.) including a 2.56% gross p.a. bonus fixed for 12 months from the business day following 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
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
Lloyds TSB eSavings Account
- You must be an existing Lloyds TSB customer AND signed up to Lloyds Online Banking to be able to apply for this product
- Earn 1.60% AER/Gross from £1, and up to 2.50% AER/Gross on balances of £10,000 or more View eSavings Account interest rates.
- These rates include an introductory bonus of 1.50% AER on all tiers for the first 12 months.
- Interest paid annually.
- Start saving with only £1.
- Instant access - the convenience of Internet Banking or PhoneBanking means you can access your savings when it suits you.
- Set up a standing order - saving regularly from your current account is the easy way to grow your savings.
- Name your account to suit you, such as holiday, rainy day or simply savings.
- 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
Lloyds TSB Easy Saver
- 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.
- 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.
- 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
Cheshire Building Society Direct Cash ISA
- Deposit £1000+ and get 3.35% AER (variable) tax-free including a fixed 2.35% AER bonus interest rate, paid until 30th November 2013
- Deposit £1-£999 and get 0.25% AER only.
- Easy access to your cash, with unlimited withdrawals and deposits up to your annual cash ISA allowance (transfers from existing ISAs are not permitted)
- However, you will need to open your account online today with at least £1,000.
- You will receive a welcome letter with everything you need to manage your account by post.
Lloyds TSB Cash ISA Saver
- Earn a variable rate of 2.65% AER/tax-free.
- This rate includes a fixed introductory bonus of 1.65% AER for the first 18 months from account opening.
- Interest paid annually on the 31st March.
- Save up to £5,640 per tax year.
- Make withdrawals from as little as £1.
- Set up regular payments into your ISA from your current account.
- Manage your Cash ISA Saver through Internet Banking if you're registered.
- You can transfer your existing ISA into us, with our ISA transfer form.
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
Aldermore Easy Access Saver
- Transparent - our competitive rates are not artificially inflated by bonuses or introductory offers
- Reassurance - our interest rate is guaranteed to be at least 1.70% above Base Rate until 1 March 2013
- Fast and easy setup - open an account, complete identity checks and move your money in minutes
- Accessible - open an account with just £1,000
- Flexible - add to your savings whenever you like
- Unlimited withdrawals - access your money whenever you need it, without restriction or loss of interest
- Easy to manage - do it online, by phone or by post
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
Chelsea BS Fixed Rate ISA
- Guaranteed fixed rate of interest for the duration of the Fixed Rate e-ISA
- Minimum investment of £100
- ISA transfers in*** from other providers and deposits up to your 2011/2012 ISA limit, can be made whilst the product remains on sale. Transfer charges may apply, please check with your existing provider
- Interest paid annually
- Withdrawals are not permitted during the term
- Early closure or transfer out to another ISA provider is permitted subject to 90 days loss of interest on the closing balance. Early closure would mean loss of tax free status other than transfers to another ISA provider.
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
