Where to Start with a Children’s Savings Account

When you have a new baby, lovely family members and friends often want to gift some cash for your baby. You might want to spend it straight away on the essentials like nappies, formula or clothes, but you might want to put that money away for a rainy day or in a savings account that your child will have access to in the future. When you’re looking to start a savings account for your new addition, or for your child, you want to look for the best deal and make sure you’re getting the best interest rates. The general idea with an account for your child is that the money won’t be touched until they are old enough, so getting an account with a good interest rate is ideal as the money can sit there and grow.

A child can earn up to 3% interest on a savings account which is better than nearly all adult savings accounts, so it’s well worth opening one, even if you think you won’t be putting much in there. Below we have fun facts when it comes to a kid’s savings account, which wil...