Savings Account for Babies

The present Labour Government brought in a scheme whereby all babies who were born after 2002 would receive £200 each, that was to be invested in their future. The money goes into a trust account and stays there until that child is eighteen, you can also add to this money as and when you please. A little pot of money is especially good if your child does well at school and eventually wants to go to university. No longer can you get a grant to go to university, most students have to rely on a student loan and what little they are able to earn at a part time job. It is at times like this when a savings account with some money in it can be really useful.

Some young children actually enjoy saving their pennies, especially if they have a money box that is shaped like a favourite cartoon character. If you can find ways to make saving a fun activity for your child then you will be laying a foundation that will last that child for the rest of his or her life. At the moment any cash that is saved is not going to make much extra money, unless you are very well off already, but it does provide a person with a little bit of financial security in uncertain times.