After closing their 5% fixed rate children's savings account, Northern Rock has launched a new scheme with an interest rate of 4% fixed until 2013.
The “Little Rock” account bears the same name as the scheme that recently sold out within a week of launch. Its tempting 5% interest rate had meant its popularity risked breaching EU regulations regarding a limit of deposits the bank could accept.
The bond can be opened from just £1 up to £20,000 in one of the branches or by post from today. With no withdrawals until maturity on October 1st 2013, interest is paid annually on 31st August or monthly at a lower rate of 3.7 Gross.
Some have warned that the attractive rates could make it as popular as its predecessor.
Northern Rock has cautioned that once the scheme has sold out, account holders won't be able to make to further deposits. For children that want to continue saving, Northern Rock also offers an Instant Savers account for children up to 16 paying 3% with a maximum balance of £20,000.
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