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A question of money: Children's accounts

Published 12/04/2010

Question: We want to invest some money for our grandson. Which account do you recommend?

Answer: With interest rates very lowat present, it is difficult tofind a children’s savings accountthat offers a good rate of interest.The best Northern Ireland providers, as listed by Moneyfacts, are the City of Derry Building Society, which pays 2% on sums over £10 in its Junior Saver Account. The next best is the Progressive Building Society, which pays 1% on balances over £1. But if you are prepared to commit to a regular £10 a month in savings and to lock the money away in a bond, a very good rate of 6% is available from Halifax, in its Children’s Regular Saver Account. Investments are limited to £1,200. Accounts can be opened by post, or in branch. The Principality Building Society pays 4.5% on investments up to £1,800, also

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