Post Office Savings Account For Children in UK Review
A post office savings account for children in the UK can be a good way to teach children about the values of saving and the joys of investing. These accounts are intended only for children, and the account withdrawals may be limited to a certain number or amount. With a trust account the child must be 18 years old for any withdrawal to be taken out of the account, but usually a savings account allows specified withdrawals and the account can be managed by a parent or guardian. There are a number of account options available, and there are advantages concerning child savings account taxes charged with these accounts in most cases. The importance of saving should be stressed to your child from very early on, and a post office savings account can help do this with no hassles or complications.
In addition to fixed rate savings accounts for children, the post office also offers investment accounts for those under 18 years old as well. There are accounts which offer a higher interest rate in exchange for a very limited withdrawal allowance, and some that offer lower rates for a greater degree of withdrawal flexibility. An instant access post office savings account usually allows the funds in the account to be accessed right away, while a long term choice will normally include the highest interest savings account rates but have more restrictions on the account. These are just a few of the savings products intended for children offered by the post office.
There are many different institutions that offer the opportunity for children to save, but a post office savings account is the most trusted option in the UK for most parents. The top savings accounts offered can include those that allow easy access and those which prevent the account balance from being accessed at all for a specified time. There are savings accounts for children that can help meet any savings goals, and will fit into almost any budget. Consider all of the account options carefully, and then choose the one which fits the saving needs of your child.