Dec 11 2008
UK parents looking to save for children would rather grandparents invest in child's saving accounts over the festive period than give other gifts.
This is according to research conducted by family savings specialist and child trust fund provider Family Investments, which found that more than half of parents would prefer such presents.
However, 64 per cent of respondents reported feeling too uncomfortable to bring up the subject without being asked.
Head of savings at Family Investments Kate Baker said: "[By grandparents] re-directing [their] generosity and making a donation into the children's savings account, along with a small present on the day, [they] will create a more lasting and welcome legacy."
Recently, The Nottingham building society launched a new child's saving account.
Requiring a minimum initial deposit of £10, the product offers a gross interest rate of 7.5 per cent, which is fixed for a year. There is a maximum monthly pay-in of £100.
