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Compare Children’s Savings Products- June 2011
A children’s account is a bank account aimed specifically to benefit the child in your life, it is designed to provide your child with a financial nest egg with which you can save for their future. They are also good to teach your child about the importance of saving and introduce them to the world of finance.
We at pension calculator have looked at all the Children’s Accounts provided by banks and building societies and rated the top five for you. We have chosen the accounts with the highest interest rates, which means that your investment will accumulate the most amount of cash for your child’s future:
| Top 5 Children’s Savings Product’s in June 2011 | ||||
| Bank | Account | Interest | Notes | Links |
| Family Investments Child Trust Funds | Stakeholder Child Trust fund account | Equity based % | Favourite child trust fund provider- winner of Investment Life & Pensions Moneyfacts award, manage account online. | Info |
| Foresters Friendly Society Child Tax Exempt Savings Plan | Foresters Friendly TESPs | Equity based % | Flexible- you decide how long you want to contribute and when it pays out the guaranteed cash lump sum to your child.
No capital gains or income tax to pay. |
Info |
| Shephards Friendly Young Saver | Children’s Savings | % | Tax-exempt lump sum
Increase or reduce. |
Info |
| Scottish Friendly | Child Trust Fund | % | Tax free lump sum at age 18- No capital gains or income tax. | info |
| Virgin money Childrens Pensions | Children’s savings | % | Keep track 24/7 online or by phone
Low charges and guaranteed standards Not tied to rigid payments |
Info |
With a children’s bank account one can expect benefits such as limited access to the account for the child, if the adult setting up the account wishes it so. The adult can limit access until the child reaches a certain age when they are ready to appropriately manage all the finances saved up in the account. In some cases, the adult setting up the children’s account will be able to specify the child the age should be before they are allowed access to the savings, and/or will be able to specify how limited the child’s access to the account is until they reach that age.
These are the best accounts for interest rates, however we strongly advise that you have a look at the terms and conditions before you get an account. While a high interest rate is always good, you may find that the terms and conditions are in fact much worse for you than with the next account that has a .5% lower interest rate.
