Saving for Children

It's never too early to start putting aside money for your child's future. There are a number of ways in which you can kick-start your child's saving. The first of these is to open a child savings account, which you can usually do as soon as they are born. Many account providers will offer freebies as a way of encouraging new business, but remember that the interest rate that you'll earn on the savings should take priority over a free piggy bank.

Another popular option is to buy your child some National Savings Children's Bonus Bonds. Created especially for children, these bonds enable you to invest tax-free, meaning that you pay no tax on the interest you earn on the savings. There is a bonus amount paid if you hold the bonds for five years. Saving for children means taking longer-term investment decisions on your child's behalf, so it is worth seeking advice from an experienced adviser to find out the best approach for your family.