Saving money is a good habit. Unfortunately with the passage of time, people are abandoning this great habit like many others! A habit that develops in early ages is more likely to exist in later years! Therefore it’s always an appreciable thing if you can help your child in developing good habits, and one among them is “saving money’. Getting your child a separate account is something more thrilling and interesting for him than that of a conventional money box, following is some useful information about the top 3 children’s saving accounts available!
An account can be opened on behalf of a child under 18 by his parents or any other legal guardian and any teen of age 16 to 18 can get his account opened himself. No withdrawal of saved money is allowed until the child’s 18th birthday, after attaining 18 years of age a child can decide whether to continue his account on cash ISA basis or to withdraw his savings.
Coventry’s building society’s Junior Cash ISA, is a product in which a child’s savings can be invested for further growth. Parents can open an account for their child in this ISA, anyone of child’s relatives can deposit money in this account. Closure of account and withdrawal of money is not allowed until the 18th birthday of the account holding child.
Mansfield Building Society’s Cash Junior ISA comes with almost same features that are mentioned above. A 16 year old grown up child can open his account himself however on behalf of children 16 years of age, only parents or legal guardians can open an account. Similarly to other junior individual saving accounts, no withdrawal of funds or cancellation of account is possible before 18th birthday of the child.