Savings accounts for children lauded by Halifax

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Savings accounts for children lauded by Halifax

Fri 31st Dec 2010

Halifax has stressed the importance of parents putting aside money for their offspring, with a source from the company offering some advice on successful saving.

Flavia Palacios, head of the firm's savings products, claimed people will build up more money by depositing cash on a "little and often" basis, as the pennies gradually become pounds.

She said: "As the government ends contributions to Child Trust Funds it's more important than ever that parents look carefully at how much they can afford to put aside as a nest egg."

Ms Palacios made her remarks after Halifax released a study demonstrating that children have seen their savings rise by two per cent overall, with 11-year-olds enjoying the biggest increase of seven per cent.

Research published by the organisation last month showed 78 per cent of savers with partners keep their nest egg separate from their companion's money, with many single Brits saying they put aside more money as a result of their situation.

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