Miserly banks cashing in on young savers

Banks and building societies are punishing young savers with the average rate paid by easy-access children's savings accounts a miserly 1.01%, according to new research from consumer champion Which?.

Its researchers found that half of easy access children's savings accounts pay 1% or less, with First Trust Bank's Junior Saver account offering just 0.05% - a tenth of the Bank of England base rate.