Children Savings Account:
- This Account is designed to make children’s savings accounts a valuable tool for teaching financial responsibility and encouraging savings from a young age while providing parents with peace of mind and control over the account.
- · Banks may offer competitive interest rates starting from 7% on accounts, helping to grow the child’s savings over time.
- Children’s savings accounts can be opened as joint accounts, with both the child and the parent or guardian as account holders.
The account can often be converted into a regular savings account when the child reaches a18 years of age.
