Savings for children - tips and tricks
Just because your kids are the sweetest, brightest-eyed customers in the bank queue doesn't mean they won't have to dodge a savings bullet or two. Here are our top tips to children's saving survival.
- Look out for short term deals: These include introductory offers and year-long bonus rates that are then swept into a low-interest account. In either case, you'll need to be organised and keep moving the money to stay on top of the best rates.
- If this doesn't sound like you (be honest), then you're probably better off opting for a longer term savings strategy.
- Keep a wise parental eye out for accounts that wipe off your child's interest in the event of a withdrawal. Losing one or two months' interest a year can put a big dent in the overall savings earnt and make it worthwhile getting a more flexible children's saver account to begin with.
Keeping their eyes on the prize
Now that you've beaten the banks at the kids savings game, it's time to beat the children. Kind of.
Egg-and-spoon race over to our quick steps to maintaining savings excitement.
Or skip straight to the high interest children's bank accounts.