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Children’s savings can take the form of a mixture of short and long term goals. On the one hand, a grandparent might be looking to put money aside to help a child achieve a goal far in the future such as raising the deposit on a house, or buying a car. On the other hand, the child themselves may wish to deposit surplus birthday money in a children’s savings account until they see something that they wish to buy.
To meet these differing needs, children’s savings accounts are available in the same varieties as adult savings accounts, including ISAs (or Child Trust Funds if your child was born between 1.9.02 and 2.1.11).
Some accounts will allow you to open an account for your child from birth; others may have an older minimum age requirement. Similarly, not all children’s savings accounts will run until your child is 16 or 18 – some end when a child turns 11, or 13 for instance.
In reality most children don’t pay tax on interest they earn from their savings. However, if a child earns more than £100 in interest on money given to them by a parent or step-parent, there will be tax to pay (unless that money is in a Child Trust Fund or Junior ISA). Read more about tax and children’s savings.
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