A reader from Gloucester is looking to open a savings account for her granddaughter.
Andy McKechnie, head of sales and marketing for savings at Halifax, tackles the problem.
Ellen from Gloucester asks:
I want to open a savings account for my granddaughter in honour of her first birthday.
What should I look for in a good child saver?
Most child savings accounts offer great rates of interest, so look for a high AER.
Another important account feature to consider is whether or not you require access to the savings. You will usually get a higher rate of interest if you leave the savings untouched and make regular payments each month.
Have a look what’s around in the marketplace and find an account that suits your needs best in terms of access, fixed or variable interest and how many deposits you want to make.
If you have a question for Andy, go to the myfinances.co.uk Ask the Savings Expert section.
Or for more information on your savings options go to savings at Halifax
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