Blackpool leads in average size of child savings accounts
Alliance Trust Savings has revealed that Blackpool has over six times the national average account value of their ‘First Steps' child savings accounts.
Alliance Trust Savings' First Steps Account is a flexible self-select investment account that offers all the features of the Alliance Trust Savings Investment Dealing Account, while enabling clients to invest either for the benefit of a child or with an eye to the child's future. Contributions to First Steps Accounts can be made by parents and grandparents, or anyone who wishes to invest for the benefit of a child.
The South East of England was shown to save the least proportionally, with only 13% of the national average account value, according to the research.
Edinburgh is the top region by total value, holding 4.2% of the total value of all First Steps accounts. Meanwhile, London region has the highest percentage - 11.4% of all First Steps accounts.
Garry Mcluckie, Head of Sharedealing at Alliance Trust Savings commented: "As the government moves to cut child benefit and abolish Child Trust Funds, planning for your child's future has never been more important, especially given recent press coverage on the rising cost of a university education. The Alliance Trust Savings First Steps account has been specifically designed to offer parents and grandparents the opportunity to secure their child's future by accessing the i.nvest trading platform with over 1,400 funds, along with equities, gilts and bonds.
"Our i.nvest platform not only offers customers a market leading choice of funds but provides great value for money as our accounts are free to open and dealing costs start from as little as £1.50 per month. The First Steps account provides excellent potential for capital growth, while at the same time not eroding your nest egg through excessive charges. This is of particular importance as charges can really add up over the longer term."