How to make the most of your child's savings

You children may not be earning their keep just yet, but there is still a way they can contribute to the family finances. Ruth Jackson explains how children's savings accounts - which often offer higher interest rates than accounts for adults - can help you get handsome, tax-free returns.

Ask not what you can do for your child, but what your child can do for you.

Gone are the days when you could send your child down a mine or up a chimney to help the family finances - but that doesn't mean they can't contribute. As well as helping you cut your rail fare (for more on this see: How to slash your rail fares), kids can also open doors to great savings rates.

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Ruth Jackson-Kirby

Ruth Jackson-Kirby is a freelance personal finance journalist with 17 years’ experience, writing about everything from savings accounts and credit cards to pensions, property and pet insurance.

Ruth started her career at MoneyWeek after graduating with an MA from the University of St Andrews, and she continues to contribute regular articles to our personal finance section. After leaving MoneyWeek she went on to become deputy editor of Moneywise before becoming a freelance journalist.

Ruth writes regularly for national publications including The Sunday Times, The Times, The Mail on Sunday and Good Housekeeping, among many other titles both online and offline.