Is it still worth having a savings account in 2021? Mozo investigates savings interest rates, banking app features and other ways to get more out of your money.
Mozo Piggy Bank Report 2021: Our kids and pocket money
Mozo Piggy Bank Report 2021: Our kids and pocket money
71% of parents got pocket money as children and that number is similar today.
63% of parents say they currently give pocket money to their kids.
$10 per week (or less) is the going rate, say the majority of parents.
Cash is still the payment method of choice, but digital payments are made by some.
39% of parents have opened a savings account for their child’s pocket money.
12% say their kids have a banking account through a school program.
Kids’ savings account rates are low, but some still offer above 2.00%.
RBS offers savers 3% âgo-toâ interest rate account with flexible access to cash
The Digital Regular Saver account offers one of the best savings rates currently on the market.
The RBS Digital Regular Saver account is described as the go-to account for savers (Image: Getty Images)
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This week, TSB has amended the rates on selected tiers of its Personal Loan. This update sees the rate for borrowing over terms of 61 months to seven years rise on amounts of £7,500 to £20,000 (now priced at 6.9% APR) and for amounts of £20,001 to £25,000 (now priced at 5.9% APR). Despite these increases for longer terms, those looking to raise amounts of £7,500 to £25,000 will find this loan still offers some of the most competitive rates available at 2.8% APR for maximum terms of up to five years. There is an option to apply for repayment holidays (subject to conditions) and loan top-ups are also available, the flexibility of which may be appealing to some borrowers. Overall, this loan earns an Excellent Moneyfacts product rating.