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Wales Online
Wales Online
Kirstie McCrum

Martin Lewis issues important advice to anyone with kids

The money-saving guru Martin Lewis has been doling out advice for the next generation in his weekly television programme. Tonight (Tuesday) saw The Martin Lewis Money Show Live addressing how to choose children's saving accounts.

First off, he says "don't do it for them, do it with them (if they're old enough)", which seems like the perfect way to get them into the fun of saving money.

"It's great financial education, talking about getting the best accounts, talking through what interest means and how it works."

But there are a lot of facts and figures to follow which they may not be as entertained by.

The first account he has highlighted is for kids aged up until 15 years old. The Halifax Kids' regular saver account is the highest payer, offering an impressive rate of 5% fixed for one year on lodgements of up to £100 per month.

The account must be closed to withdraw the cash. Parents can open it online or in branch.

The next account is the Saffron Building Society two-year children's bond. It's for kids aged up until 16 years and offers 4.4% fixed on capital of between £500 and £25,000 - when you open in branch or online.

The HSBC My Savings account - for kids aged seven to 17 - offers a 3.75% variable rate, and easy access to cash up to £3,000. In what may prove a winner for kids, they also get a debit card from the age of 11.

HSBC parents can open the account online for their kids. Otherwise it needs to be in branch.

The final option which Martin put forward was Leeds Building Society, which offers the Ronnie The Rhino Youngsaver account. The rate of interest is 3.65% variable, and it's easy access on £10 up to £1 million, opening it by post or in branch.

The Martin Lewis Money Show Live is on Tuesdays at 8pm on ITV1 or you can catch up on ITVX

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