Barclays 'cuts interest rates on children's savings accounts'

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Barclays 'cuts interest rates on children's savings accounts'

High street bank Barclays today cut the interest rates on some of its savings accounts, including those designed specifically for children, it has emerged.

Barclayplus and Barclay Children's Savings have seen their interest rates reduced by 0.25 per cent this week. The bank's Cash Isa interest rate has also been cut from 0.31 per cent to 0.1 per cent.

This news comes after the bank axed its Tax Haven Isa to new applicants in March, despite it being popular among older consumers.

According to MoneySupermarket.com's Kevin Mountford, this move shows that "banks are looking to widen their margins" and others will soon follow Barclays' example.

He added: "This is a warning to people that even though the Bank rate is not expected to change for the foreseeable future, it doesn't mean savings rates will remain unchanged."

In April, the Bank of England revealed that it has no plans in the near future to raise the base rate from 0.5 per cent, at which it currently stands. This is the lowest it has been in the organisation's 315 years of operation.

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