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Children&#39s account from Catholic Building Society

The Catholic Building Society has introduced a specific account for children. The children&#39s account has a minimum balance of £5 and an interest rate of 5.5 per cent is paid annually.

Incentives are offered to encourage savings. Once a balance of £500 is reached on an account a £5 Virgin Megastore voucher is offered and when £1,000 is in the account the saver can obtain a £10 voucher. Two withdrawals a year allowed without losing any interest.

Catholic Building Society chief executive Philip Sanders says: “There is no minimum age for children to open an account and once they are old enough to sign their own name they can take full responsibility for their savings.”

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