Children’s bank accounts
From little acorns mighty oaks do grow.
Setting up a children’s account will allow your child to start to value money and understand the importance of saving from an early age.
Access to money is one area to consider as some accounts offer cash cards. This has its advantages and disadvantages but a number of accounts build in the facility for parental control around withdrawals.
These accounts can be set up on a nil rate taxpayer basis which means that no tax is deducted from their interest.
The age at which you can set up an account varies from provider to provider but usually the preferential terms end when the child reaches age eighteen.
We think it is important that your child can see how their money is accumulating so local branch accounts with a savings book or easily visible internet accounts helps with this.
The key to setting up the right account is to shop around and this is a good comparison website that keeps up-to-date with the best accounts at any given time.
If you need more assistance in this area or require alternative options, please contact us.
Contact Us
Telephone: 0800 043 5440
Email: info@parentguidetomoney.co.uk
