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What to look for when opening kids savings accounts

One thing you can never say a child has not got enough of is enthusiasm. And it is this enthusiasm that makes opening an account for them near to your home a good idea. Once they grasp the concept of saving, they are likely to want to make frequent trips to the bank to make their own deposits.

Most kids savings accounts, unless they are a special investment such as an ISA or trust fund, should not have any monthly maintenance fees. Alternatively, you could check out what kids savings accounts your nearest credit union offers. If you are worried about getting to a branch on a regular basis to make deposits, you can try looking in to the many children's internet accounts now offered by most of the big names in banking.

The age of your child, along with what you plan to use the account for will both influence your decision when it comes to choosing between the many available kids savings accounts. If your child is still a baby or young infant, you should look around for a monthly payment account with a term of around 12-months. This will allow your child's savings to grow as they get older, when they are likely to want to withdraw some money if they are allowed. Older children may use their account for saving money until they have enough for something they want, such as a toy or a trip out. In this case you will need to look for easy access kids savings accounts, which let you withdraw money without being charged.

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