- Martin Lewis has advised parents and grandparents against using Premium Bonds for children , recommending Junior ISAs or high-interest savings accounts instead.
- Teenagers aged 13 to 17 can receive a free £50 bonus by opening a Santander 123 Mini account and depositing £50 within 31 days.
- Junior ISAs allow parents to save or invest up to £9,000 tax-free per tax year for a child, with some accounts paying more than 3 per cent interest.
- Top children's savings accounts can offer up to 5 per cent interest, making them a better choice for young savers.
- Premium Bonds are deemed less suitable for children because most do not pay tax on savings interest and typically hold smaller amounts.
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