Encourage your children to save their Christmas money now, and they’ll thank you in the future.
Before Christmas, we looked at Investment Trusts as a way of building for your children’s future. Another way of building up your child’s finances is to encourage them to open a savings account, especially if they have received cash as gifts over the festive period.
Types of Accounts
There are numerous types of savings accounts available to children, suitable for many different types of savers. Regular savings accounts can have a high rate of interest but may have tighter restrictions on how much you can/have to deposit or withdraw. If you are looking for an account with a little more flexibility, then easy or instant access accounts may be the better choice.
The Guardian take a look at some of the options open to those wanting to open children’s savings accounts, including bonds and junior cash ISAs.
