Child Savings Accounts

Andrew Hagger from Moneyfacts.co.uk looks at the vast array of children's savings accounts on the market and a recent innovative idea that will help boost the balances of young savers in the UK.

Widespread concern about the state of the economy and the uncertainty in the housing market are causing stress in children as young as 11 years of age according to a new report from Abbey Banking.

UK parents believe that choosing the right name can help get their children ahead in life, according to research from Abbey Banking. Some 20 million parents (70 per cent) believe the ‘right' name opens up greater opportunities in life for an individual.

New analysis by Norwich and Peterborough Building Society (N& P) of nearly 3,000 children’s savings accounts, where money was paid in monthly, found that in 2007 savers put on average £112 a month into a child’s savings account.

Crafty kids are raking in almost £700 million a year for chores and errands according to research amongst the country’s 11-18 year olds undertaken by Abbey Banking.

British children are due to receive a cash windfall of some £2.4 billion this Christmas as parents, grandparents, aunts and uncles turn to pounds and pennies for presents this year.

With Christmas soon upon us and many relatives likely to shower kids with money, now is the time for parents to look for the best children’s savings account and preach the good practice of saving.

Children will receive a special gift from Britannia Building Society when their parents or grandparents open a savings account for them in November and December.

Wobbly teeth are cause for celebration among Britain’s schoolchildren, as new research out today reveals the tooth fairy is worth a whopping £20million.

HSBC has launched a new account range, called ‘MyMoney’, for 7-17 year olds. The accounts are designed to help children get into the habit of managing their pocket money and understand how their spending can have an effect on their savings.

A 'paint your own' piggy bank given to children to encourage saving has seen account openings soar by up to 70 per cent at Britannia.

A staggering 83,000 parents are so short of money this January that they are prepared to raid their children’s bulging post-Christmas piggy banks just to get them through the month.

A staggering 1.3 million parents are so short of money this January that they are prepared to raid their children’s bulging post-Christmas piggy banks just to get them through the month.

The money children receive for Christmas is an ideal opportunity for parents to get children into the saving habit from an early age. However, many parents do not know where to start when it comes to putting money away for their children's futures and educating them financially.

A 'paint your own' piggy bank to encourage saving will be given to children whose parents open a 6.50 percent Child Trust Fund in December and January.