SAVINGS ACCOUNT RATES FOR CHILDREN

Motion Text

That this House notes that the Alliance & Leicester with personal customer balances of almost £20 billion and secured mortgage advances of £28 billion which offered a Firstsaver Children's Account with a competitive rate of interest at 5.25 per cent. decided to close the account to all new savers and reduced the interest rate to all existing young customers to just 3.65 per cent.; and regards this decision as deplorable and designed to deter rather than encourage young people and their parents to make personal savings which building societies and former societies should be doing.