Charity Bank creates children's savings account
Howard Lake | 19 December 2011 | News
Not-for-profit savings bank Charity Bank has announced its first account for children. Its Small Steps savers account has an interest rate of 2% p.a. and funds will be invested in charities until the saver is ready to claim the money.
The Small Steps account can be opened by any adult on behalf of a young saver. The child will be able to access the funds from the age of 16. Until then a nominated adult will be responsible for operating the account.
Malcolm Hayday, Chief Executive of Charity Bank, said: “The Small Steps savings account gives people a great alternative to giving cash at Christmas. The money belongs to the child, but supports charities while it earns interest. It helps young people appreciate the amazing work that charities do in so many walks of life and is a fantastic way to support charity this Christmas, without any added cost to the depositor, or the saver.”
www.charitybank.org
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About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.