UK parents have saved £4,001 on average for each of their children, according to a new study from financial services review website Smart Money People and its sister website, Be Clever With Your Cash. Parents have typically saved £6,251 for themselves, which for nearly half is their rainy day or emergency savings fund.
Watch out too as many will require you to open the account in a branch.” 2. Read the small print for any restrictions Speaking about children’s savings accounts generally, Webb says: “Some accounts allow the child to access their savings once they reach a certain age, such as 18. “Others may provide easier access or even allow withdrawals at any time, which can be useful for teaching money management skills early on.
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