Children’s Savings Accounts
Putting some money aside into a child’s savings account can make a lot of sense.
Not only is it a great way to prepare for the future, but also a very tax-efficient way of making your money grow.
Children can earn around £5,000 interest per year “tax free”. This means that children could earn up to £2,000 per year extra interest, compared to an adult’s savings account. This is dependent on how much money you have in the account.
Something for nothing
It is well worth shopping around, as many banks will give away freebies with each new account. Children’s accounts can be very important to banks, as they will hope that a child will stick with the bank into adulthood and become a good customer.
