Lloyds TSB increases interest rates for its Young Saver account

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Lloyds TSB increases interest rates for its Young Saver account

Lloyds TSB has increased its new Young Saver account's interest rates to encourage children to start saving.

The new savings rates come into effect today (August 15th) and accounts can be opened with £1 by an adult on behalf of a child, offering a three per cent AER variable interest rate up to balances of £20,000.

Lloyds TSB's head of children's savings Greg Coughlan described the bank's high interest savings account as "one way we can help invigorate the children's saving market".

"Now more than ever is a really important time to teach the adults of the future the value of money management," he added.

Perhaps underscoring the need to increase saving ethics in younger people, Justin Modray - from financial advice site candidmoney.com - claimed that for many adults, saving remained a "pipe dream", but that for those who managed to put something away each month debt levels could be more easily managed.

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