Children’s Savings Just Got Easier - Savings - News - Moneyfacts


Children’s Savings Just Got Easier

Children’s Savings Just Got Easier

Category: Savings

Updated: 31/10/2008
First Published: 06/05/2008

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The current credit crunch has highlighted the need for people to build themselves a savings safety net to help them through the more difficult times or unexpected circumstances where their finances may become stretched.

It is never too early to start saving, and certainly doesn't make sense to wait until your children are out to work and saving their own money. Parents should seriously consider squirreling some money away from the moment they are born in order to give them a head start in later life.

The Child Trust Fund initiative provides a £250 kick start for all children born on or after 1 September 2002 and pays out a further £250 when your child reaches seven years of age.

If your child doesn't meet the criteria for a Child Trust Fund, there are over 160 children's savings accounts to choose from with rates of up to 10% available.

The UK population needs to become more savings focused and to start to move away from the 'buy now pay later' culture that has been so prevalent for the last decade. Initiatives such as the Child Trust Fund make it easier to start building a financial foundation for the future.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Savings being used as a festive financial buffer

Good news from RCI Bank UK – its latest research shows that many of us are saving more than we were a year ago, but the question is, will you be dipping into that buffer to cover the cost of Christmas?

6 of the best easy access savings accounts

Easy-access savings accounts are as simple as they sound – they allow you to access your money whenever you need it, without having to give advance notice, and they also allow you to pay into them at any time. Here are six of the best.

Start saving for Christmas… 2017!

Christmas is just around the corner and our annual festive splurging is starting to step up, but are you prepared? It may be too late to start saving for this year’s festive spend, but it’s never too early to start for next year’s!