Parents in the UK are being encouraged to focus on saving money for their children, with reports that some children's savings accounts can offer attractive rates of interest.
Analysts from MoneyExpert maintain that parents should take advantage of children's accounts, which offer an average of 4.125 per cent interest.
Some of the best accounts offer 5.25 per cent interest.
Commenting on the appeal of such accounts, MoneyExpert chief executive Sean Gardner states: "Investing cash for kids in a savings account is a good way to get them used to the idea of saving.
"It might not be what every kid wants but it's certainly a good way to introduce the idea of thinking about money."
Mr Gardner warns that parents should seek out the best savings account deals with a view to securing the most value in the future.
The lowest children's account interest rate was found to be 1.49 per cent, underlining the fact that less lucrative savings options are available.
Recent reports from Children's Mutual suggest that Child Trust Fund contributions are set to be a popular Christmas gift this year, as opposed to more traditional presents.
Investing cash for kids could boost savings, parents told
Investing cash for kids could boost savings, parents told
Thu, 23 Nov 2006
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