Homework on children's savings vital

Interest rates on children's savings accounts are often unenviably low, so it pays to study the options carefully before choosing an account or investment, writes Louise McBride.

19th March, 2005

Although the average Ir ish child has about 15 t ime s the amount of cash today than they had 30 years ago, worthwhile savings accounts for children are fewand far between.

The best interest rates offered by banks on children's deposit accounts are generally between 1 and 1.75 per cent, compared to up to 2.8 per cent on deposit accounts for adults (though higher rates are only available to those with significant sums). Furthermore, unless you...

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