Children’s Accounts
Children’s Accounts
These accounts aim to help young people to save. When searching for a suitable savings account for someone under 18, you will most likely be looking for accounts that offer limited access. But, as with all accounts, watch out for ant restrictions that could be involved, such as notice periods, limited withdrawals and size of investments.
Children’s Accounts can be easy access, notice, bond or term account, but will usually be looked after by the parent(s). It is also worth noting that Mini Cash ISAs are available to people from the age of 16.
Child Trust Fund
A child trust fund is a government initiative that offers tax-free savings and investments for children born after September 2002 who are eligible for Child Benefit.
The Government will give a £250 voucher as a start-up aid for the child’s savings, followed by another £250 when they reach the age of 7. From this point onwards, friends and relatives can invest up to £1,200 each year with the child not having access to the money until they turn 18. The fund can be based on a cash-based account, stocks and shares or a stakeholder.
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