Cash for kids

Nowadays a lot of people open a savings account for their children at a local bank or a building society in order to learn them how to manage money and save for the future. At the minimum age of 7, children can open a savings account themselves, with as little as £5 or some banks even allow children to set up an account with only £1. Even if the savings accounts contain small sums of money, the banks and building societies try to attract young costumers, who tend to stay loyal for several years, by offering them competitive rates. That is why it is highly recommended to compare the offers of several banks as to their different rates and restrictions, which may either consist of limiting the competitive rates to the first year of savings or restricting the withdrawal from the account to one per year.

http://www.guardian.co.uk/

Ann-Sophie Martens