However old your child is, opening a savings account on their behalf could really help set them up for the future. Grandparents, friends and other relatives can all pay into Standard Life Bank children's savings accounts so that by the time they are old enough to spend it, there should be a nice little nest egg waiting for them. Perhaps this could be used to help with university costs, buying a car, or even getting on the property ladder. Standard Life Bank children's savings accounts allow you to:
- Accrue interest at a high rate with a monthly or annual payout
- Open an account with just £1
- Save up to £10 million
- Register for online banking
- Withdraw funds after a 50-day notice period or at the loss of 50 days interest
Providing you are over 16, and your child is under 16, you can open one of these Standard Life Bank children's savings accounts. Even if you only pay in a small amount every now and then, your child will be really grateful when they find out you have been investing for his or her future.