Child savings accounts

Wednesday, 22 November 2006 03:30

Child savings accounts are savings accounts designed for children.

These can offer great rates of interest, some pay tax back on interest, and others offer incentives including piggy-banks and soft toys.

Child savings accounts are aimed at children and most will have to be closed or updated when the child turns 18 (although some will remain open until the account holder is 24).

Additionally some accounts require an adult to sign up with the child, if they are under 11.

Child savings accounts come in as many varieties as adult savings accounts, with notice accounts, regular savings accounts, ISAs, and even savings bonds all available as products for children.

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