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Posted on: 27th Feb 2024 by: CamOuse Financial Management Limited
A key aspect of being a parent is helping your child become an independent, self-sufficient citizen.
One way you can do this is by helping them understand money and giving them a headstart with saving.
Not only can this help your child become comfortable managing and talking about money, it can also help them begin their adult life with a healthy amount already in the bank.
Many high-street banks offer dedicated savings accounts for children, each with their own unique features and selling points.
It’s therefore well worth researching the market and thinking about which accounts offer the most competitive interest rates.
You should also think about the various restrictions that different products offer, as some will require minimum monthly deposits and others will have limits on the maximum balance allowed.
Another consideration should be how easily you and your child will want and need to be able to access the account. Some will require you to visit the bank branch to deposit or withdraw money, whereas others may offer online banking functionality and even debit cards for young people.
Choosing the right savings account for your child depends on many different factors, in particular their age, so ask yourself what you want to achieve by opening this account, what you believe is appropriate for them and how much parental control you might need.
Once you’ve set up a savings account for your child, encourage them to start putting money away regularly. This doesn’t have to be a large amount, as even just a few pounds a week can make a difference in the long run and get them into good habits.
Junior Individual Savings Accounts – or ISAs – offer tax-free savings and can yield higher returns than traditional accounts.
There are two types of Junior ISAs, each with their own pros and cons.
Cash Junior ISAs are a good, steady option if you want to invest in low-risk assets such as cash and bonds and are very easy to access. However, they do sometimes offer lower interest rates than savings accounts.
Alternatively, Stocks and Shares Junior ISAs could be the right option for you. These allow you to invest in the stock market and generate larger returns.
But the nature of this type of investment means it naturally carries a certain level of risk, so it’s worth thinking beforehand about how much exposure to risk you and your child can withstand.
You can contribute £9,000 a year to Junior ISA, while any interest and gains you earn in this account will be tax-free.
Once your child turns 18, you can then transfer Junior ISAs to adult ISAs, so they can begin adulthood with money in the bank.
Premium Bonds are an investment product issued by National Savings and Investment (NS&I) where you’ll be entered into a monthly prize draw.
The more bonds you have, the better chance you have of winning a prize worth anything from £25 and £1 million – and any winnings are tax-free.
A piggy bank is perhaps many people’s first introduction to the idea of saving, and while there’s more financial products for children on the market than ever before, it’s still a great option for young kids in particular.
With a piggy bank, children can see firsthand how a little bit of money regularly put aside can grow into a much larger amount, and develop a healthy attitude to saving long-term.
If you have any questions about helping your child learn good financial habits and start adulthood with good foundations in place, please don’t hesitate to get in touch.
Our specialist financial planners can help you find the best options for you and your family, so your entire household will have a positive mindset and approach to money for many years to come.
I thought CamOuse were very helpful and dealt with my enquiries promptly.
D Mowatt
Clive Nickalls
I have been a client of CamOuse's for many years. My advisors have provided assistance with mortgages, financial planning, investments and most importantly my future. The team remain passionate and professional and I would recommend CamOuse without question.
L Isbell
Trevor Honey & Clive Nickalls
The staff are always happy to help.
J Pearce
Lee has always given me excellent advice when choosing a new mortgage. I would highly recommend him.
R O'Dell
Lee Pooley
Everyone is very friendly, approchable, helpful and professional.
G Parr
Trevor Honey
I would like to thank Lee for all his help, he was amazing!
Silk & Schwarz
Lee Pooley
Lee was recommended to us by 2 of his existing clients, colleagues and friends of ours and I'm glad they did so! He made the whole process much simpler then we were expecting.
Burgess & Bedford
Lee Pooley
Lee has helped us on several occassions and we always appreciate and value his time and efforts.
I & A Murphy
Lee Pooley
I really appreciate the prompt, friendly, efficient service.
V Hardy
Clive Nickalls
Very pleased with the service provided and happy to recommend to my customers and friends and family.
M Chadburn
Clive Nickalls
I would like to express my thanks for the excellent service I have received and a special thank you to Hannah for keeping me updated and dealing with my queries in a very efficient and professional manner.
T Long
Matthew Theobald
Thank you (and Eve) so much for all your help and support towards our remortgage. We really appreciated your expertise.
Cant & Robbins
Lee Pooley
I would just like to thank you all on behalf of myself and Jordan. You, Eve and Max have been faultless and we couldn’t be more appreciative for all your help!
C Baldwin
Lee Pooley
Lee has provided me with mortgages and appropriate insurance for both my home and lease properties. He is professional and works to get policies in place in an extremely quick time frame. I would certainly recommend Lee and CamOuse to anyone and I personally will continue to use their service.
G Habbin
Lee Pooley
I have been a client of CamOuse Financial Management Ltd for many years and have always found their services to be of the highest quality.
N Parker
Jo Kurz
Amazing company, very friendly, professional, and always on hand to give sound advice. My family has been utilising their expertise for many years and have never been let down.
S Bradley
Jo Kurz
Sound financial advice and planning. Responsive and friendly service.
B O'Connor
Jo Kurz
The whole team at CamOuse are friendly, professional and always look after your best interests. Thanks for your help!
G Hall
Lee Pooley
We've only been with CamOuse just over a year but would highly recommend them. We deal with Matthew who is an excellent adviser, always very responsive to questions and goes the extra mile to help.
P Carter
Matthew Theobald
I was so pleased and relieved to find this company. Particularly pleasing is their communication - it's jargon-free, concise and clear. We've been very happy with advice given thus far, and also their responsiveness whenever we've had any queries.
A Cant
Jo Kurz
We used Lee at Camouse to arrange our mortgage and can highly recommend him to provide an honest and professional service in this area. We will certainly return to Lee for remortgage advice in the future.
A Attewell
Lee Pooley
Would like to extend our thanks to you and your team for a fantastic customer service as always.
E & R Mendoza
Lee Pooley
We paid a small fee to Camouse for whole of market mortgage broker services. As first time buyers, Lee and Eve were able to guide us through the process, find us a deal and sort out the applications in a really helpful friendly and efficient way. We were very satisfied and would recommend CamOuse to others for this service.
L Humphrey
Lee Pooley
I was extremely pleased with the quality of the service I received when arranging a mortgage as part of a house sale and purchase through CamOuse. Lee and Eve were very easy to contact and always quick to respond. I would definitely recommend their mortgage arrangement services.
G Dewdney
Lee Pooley
Jo has been extremely helpful and very patient and I will be recommending her highly to other family and friends of mine. I do sincerely appreciate the way Jo handled my issues and also the excellent and very professional way she conducted business. She is an absolute asset to CamOuse.
C Tate
Jo Kurz
CamOuse have been our go-to financial advisers since 2008 and have assisted with numerous mortgages, remortgages, insurances, and general financial advice. Lee Pooley and Eve Nowakowska have been invaluable during this time. We've built up an excellent relationship with both and trust them completely to do what's in our best interests. Both are an absolute pleasure to work with and I cannot recommend them, and by extension CamOuse, enough!
I Murphy
Lee Pooley
We used the services of CamOuse to help in buying our first home and setting up our mortgage and we were extremely happy with all the advice and help we got. We spoke to Lee mostly, who was really great! Very insightful, very friendly and helpful, very patient and all-round great service. Would happily seek their help again. Many thanks Lee!
C Bolas
Lee Pooley
We have been taking mortgage advice from CamOuse for over 20 years and are always impressed by their friendliness and professionalism.
N Amery
Lee Pooley
Thank you to Matthew and Julie for making a huge difference in my life when I thought I was so stuck and felt there was never going to be a way to move forward.
L Smith
Matthew Theobald
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