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Children’s savings bonds

Getting into the habit of saving early can be a valuable lesson for a child to learn. Opening a children’s savings bond is also a good way to invest in future – whether you want it to help towards university fees or a first car – it’s an effective way of building a nest egg. The other useful thing about child savings bonds is the fact that your child should be able to earn interest on their savings tax-free.

How to find the best children’s savings bond rates

Many of the banks and building societies offering the best children’s savings bonds with the highest rates are smaller and less well-known institutions. You may not recognise names like Chorley & District Building Society, or Principality Building Society, but both offer high interest rates on children’s savings bonds. Finding the best children’s savings account depends on how long you want the bond to run for and how you’ll manage the money. Many bonds run for as little as 12 months, although higher rates can be had with longer term deals, like 3 year children’s savings bonds. Some also come with terms and conditions that dictate savers must be under 16, or that no withdrawals are allowed during the bond term – so take your time to consider all factors when comparing children’s savings bonds.

The advantages of children’s savings bonds

Aside from building a nest egg for when your child becomes old enough to benefit from the money saved, children’s savings bonds offer several benefits:-

Compare the top children’s savings bonds

If you’re looking for the highest rate children’s savings bonds, a 3 or 5 year bond may suit you – the longer the savings are tied up for, the higher the rate is likely to be. You also need to bear in mind that many providers stipulate your child should be younger than 16 when the bond is applied for, and in some cases the savings need to be locked up in the account until your child is 18. NS&I savings bonds are also a popular choice for children’s savings.

It’s important to take your time to do a comparison of the best children’s savings bonds to ensure you make their savings work as hard as possible. Maybe also think about involving your child in the comparison process to help them understand more about finance. To compare what’s available, have a look at our children’s savings bond comparison tables and find the right product in minutes.

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