Savings Account That Suits You, Sir; Money Mail

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Byline: SYLVIA MORRIS

SAVERS can double their return by switching out of dinosaur accounts.

A string of top-paying accounts aimed at specific savers pay as much as 10 pc if your face fits.

CHILDREN

HALIFAX Children's Regular Saver is perfect for adults saving for children.

Launched in June, more than 100,000 savers have taken advantage of its unbeatable fixed rate of 10 pc before tax for a year on [pounds sterling]10 to [pounds sterling]100 monthly savings.

It sets a new benchmark in a savings revolution which has seen a series of accounts offering returns way ahead of Bank of England base rate, which stands at 4.5 pc. The account is opened in the name of the adult on behalf of the child. As long as you fill in form R85 (available from bank branches), which registers the child as a non-tax payer, they'll receive the full 10 pc.

At the end of the year, the money plus interest is moved into the bank's Save4it children's account, which pays an attractive variable rate of 4.8 pc before tax.

The Children's Regular Saver account stays open and you can carry on saving - earning the interest rate on offer at the time.

CHILD BENEFIT

IF YOU receive child benefit, you can earn 5.8pc after 20pc savings tax (7.25pc before tax) fixed for a year with Coventry Building Society's Family 1st Benefit account. And you have immediate and unfettered access to the money any time.

During the second year, you earn 5pc (6.25pc) and from the start of the third, the rate is variable but you are guaranteed to earn at least base rate before tax.

Family 1st Benefit accountholders are eligible for Family 1st Saver which pays base rate for at least 18 months and an extra 0.5 pc before tax for the first year, bringing the rate to 4 pc (5 pc).

PENSIONERS

SEVERAL High Street passbook accounts offering top rates to pensioners have been launched following a Money Mail campaign earlier this year.

Pensioners can open these accounts knowing that their savings will earn top rates of interest over the long term but that they can get at their money immediately if needed.

The latest addition is Stroud & Swindon's Diamond account, minimum [pounds sterling]5,000, at 3.88 pc (4.85 pc) for those aged 60 or over, with interest paid monthly.

It guarantees base rate plus 0.35pc before tax until October 31 next year and base rate plus 0.15 pc for the following 12 months. …