Child Savings Accounts

Children rely on income from other sources in addition to pocket money received from their parents, according to research from the Halifax.

Children in Harrow, Greater London, have the highest savings balances in the UK with an average balance of £2,193, followed by two other London boroughs, Brent (£1,927) and Barnet ( £1,896), according to the Halifax Children’s Savings report.

Children starting school now could have a collective £10.7 billion by the end of their schooldays if their parents start saving just £50 a month for them.

New research from Nationwide Building Society reveals the impact saving as a child has on adults' saving behaviour. Just over half (56%) of consumers questioned saved as a child and, of those that did, 71% save regularly now.

Michelle Slade, analyst at Moneyfacts.co.uk, comments: "As another new school year is about to start, there will be many teenagers who are about to move into the world of either full-time or part-time work.

Making regular savings – no matter how small – is essential if parents are serious about helping their children weather the storm of a future credit crunch, says finance comparison site Moneynet.co.uk.

Adults are protecting their children from the effects of the Credit Crunch, according to new research from Skipton Building Society.

Britain's children are in for a toothy treat, as new research reveals that the tooth fairy is worth an enormous £23.4million this year.

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.