Saving for a child today is a wonderful gift for their future. Not only can they start their adult lives with some savings in hand, but getting kids involved early with saving also helps them learn important lessons about money. Here are some of the savings options for children that can help you start saving.
Children’s savings accounts
You can set up an account with a bank or building society on behalf of a child. They can start managing their own account once they reach the age of seven. These accounts offer a great way to learn how to manage money and help get kids into the savings habit. And some providers will include a gift with the account, like a money box. Start an account with as little as £1 for any child aged up to 18. In some cases, your child can take out their money whenever they like.
There are two main types of children’s savings accounts: instant (easy) access, and regular savings.
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