I had to look at Child Trust Funds today for my latest addition to the Brood MF. Well, what a hotch potch of crap there is.
What was worse, was the fact that there are no decent bank/savings accounts for kiddy winkies. I mean, yes I know the market is crap for interest rates, but really is 1-2% the best we can do. Now, lending rates are still around the 7.9%+ for loans.
Surely, surely! There is an opportunity here. The Childrens Bank. An online bank which goes back to the basics. It takes deposits(albeit by cheque/bacs) for childrens accounts. Is compounded, provides little incentives for the little blighters over the years and is easily managed. On the opposite side, it lends out those funds in the form of classical loans or a Childrens Credit Card.
How about a link with a Credit Card, which for every 0.5%, 1% pays a cash back into you childs savings account. The account should be paying between 2-7.9 or an average of maybe 3/4%.
Is this really a difficult thing to ask for? How come no-one has implemented such a thing! It's a bloody liberty.
MF in 'Just got back from the pub' Mode.
What was worse, was the fact that there are no decent bank/savings accounts for kiddy winkies. I mean, yes I know the market is crap for interest rates, but really is 1-2% the best we can do. Now, lending rates are still around the 7.9%+ for loans.
Surely, surely! There is an opportunity here. The Childrens Bank. An online bank which goes back to the basics. It takes deposits(albeit by cheque/bacs) for childrens accounts. Is compounded, provides little incentives for the little blighters over the years and is easily managed. On the opposite side, it lends out those funds in the form of classical loans or a Childrens Credit Card.
How about a link with a Credit Card, which for every 0.5%, 1% pays a cash back into you childs savings account. The account should be paying between 2-7.9 or an average of maybe 3/4%.
Is this really a difficult thing to ask for? How come no-one has implemented such a thing! It's a bloody liberty.
MF in 'Just got back from the pub' Mode.
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