Are Children’s Savings Accounts worth opening?
Yes, if you want to encourage your children to become savers, and if you are disciplined enough to track interest rates and switch before they drop. Children can earn or save up to £3,720 a year without paying any tax. As this issue goes to press, the Halifax was offering savers up to the age of 15 six per cent interest on their savings if they made regular monthly payments of between £1 and £100. Take a look at the financial pages, or on comparison websites to check rates before you and your child commit.