Halifax cuts interest rate on Kids’ Saver account to 1%
Halifax has cut the interest rate it pays on its Kids’ Saver account, despite expectations of an imminent increase in the Bank of England base rate.
Savers into the account will have their returns cut from 1.45% to 1% on savings up to £5,000. On balances above that the account will continue to pay 0.01%,
The change has already come into effect for new customers and existing accountholders will have their returns cut from 25 January 2022.
The account was once a best-buy but other providers have already been offering better rates. According to Moneyfacts, several other high street banks pay a better rate on instant access savings for children, although most entail a parent or grandparent being an existing customer.
The market leader is Santander,
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