Savings accounts
‘Saving is a very fine thing. Especially when your parents have done it for you,’ Winston Churchill said. But it’s also a good idea to encourage children to save for themselves at an early age. Getting them to put money aside, either as a lump sum or in a regular savings plan, helps instil the saving habit. Most banks and building societies offer special accounts aimed at youngsters. Don’t forget, you still want to get the best rates of interest available for your children’s money.
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TIP: To interest children in saving, involve them in the process of choosing an account.
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