Children's Accounts

Many different banks and building societies offer accounts specifically tailored towards children.

Getting a child to save money can be difficult, why would a bank statement showing £100 in credit be more interesting to a five year old than the latest playstation game? Given the choice many children would opt to spend as opposed to save.

Financial institutions have realised this and offer various gifts to children on opening accounts, eveyone remembers the Nat West piggy banks. Some accounts even allow you to pay your child benefit into the child's bank account. Don't worry you have control over withdrawing and depositing into the account!

As the child ages providers change the account accordingly, relaxing withdrawal rules and changing the type of gift the child receives.

To summarise a children's bank account can be a very good idea, you can pay money in on a regular basis to help with getting them on the property ladder in later life or save for their university education.