29th September 2019
A handy list of tips to help your young one make the most of their savings.
How early should you start thinking about saving for your little one’s future? Well, to be honest, it’s never too early to start putting funds to one side. The earlier you start saving, the more interest you will earn on these savings.
By having a pot of savings put to one side for your child, they’ll have a great platform to start from when they go to university or look to buy their first home. Saving money for your children is important but what’s equally as important is teaching them how to save and what benefits it can bring.
We know how important it is to have a safe place to look after your savings. So, we’ve created our Young Saver Easy Access account to make sure you’ve got what you need with a higher rate of interest.
You can open an account with as little as £10 so it’s really easy to get started. Once the account has been opened, you’ll be able to deposit money into it by coming into branch and using cash or a cheque or you can pay in by bank transfer.
If your child is under the age of 10, you’ll be opening the account on behalf. Once they reach this age, you’ll be able to hand over the account to run all by themselves (if you think they’re responsible enough to!).
Your child will be allowed as much access to their money as they need, as we have no restrictions on the number of withdrawals.
It’s important to remember that the account is opened in the child’s name and any money in this account is theirs and should always be used in the best interests of the child.
Managing your money is one of the most important life skills you can learn. Teaching our young savers the benefits of saving and how to be a responsible saver is so important.
This is why, in 2018, we introduced our financial education programme where local schools could book our services for us to deliver our lessons on ‘Wants and Needs’. When you’ve got money, what kind of things do you need to spend your money on and what kind of things do you want to spend your money on and finding the balance between the two.