Spotlight On: NFA Children's Savings Account

The deal

The National Fostering Agency (NFA) has launched a Children's Savings Account in conjunction with the Royal Bank of Scotland.

Good points

The NFA will hold savings on behalf of the 40,000 children it looks after with its foster carers. The RBS says that the interest rates offered on the accounts will be competitive.

Bad points

None.

Conclusion

This is a great example of a financial institution coming up with a solution to help customers. Working in partnership with the NFA allowed the bank to come up with a deal that will get rid of the administrative barriers associated with previous accounts. The new offering will allow Britain's foster children to build up savings while they're in care, giving them a financial start.