INTRODUCE THEM TO BANKING

GOHENRY CARDS ARE A GOOD PLACE TO START “Cards such as gohenry are a great way to introduce kids to money and the modern way that we spend and exchange money for goods,” explains Sam. “It’s a pre-paid card and app that has parental controls and is designed for youngsters between 6–18.” Sam suggests paying your children’s pocket money into their gohenry account, as kids will love the opportunity to pay with a card like a grown-up!

SETTING UP A BANK ACCOUNT FOR YOUR

CHILD IS A GREAT IDEA “Having their own savings account makes children more money-aware and can encourage them to develop good savings habits as grownups,” says Sam. “Children’s savings accounts are much the same as adult ones and are offered by banks and building societies. Mostly they’re simple, safe cash accounts that usually pay some interest. You can open a savings account with just £1 for any child aged up to 18. Santander currently has an offer running for its 123 Mini Current Account, with interest rates up to 3%.”

CONSIDER A JUNIOR ISA FOR YOUR OWN SAVINGS When it comes to saving for your children in the future,

Sam recommends opening a Junior ISA. “If you want to have something with the potential for more growth, a Junior ISA can be used to hold investment funds. A child’s parent or legal guardian must open the account on their behalf, but the money in the account belongs to the child and they can’t withdraw it until they are 18. The Junior ISA limit is £9,000 for 2020-21. When your child turns 18, their account is automatically rolled over into an adult ISA, or they can choose to take the money out and spend it how they like.”