• 10 months ago
Martin Lewis reveals best children's savings account as he issues warning to parentsThis Morning, ITV

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00:00 Lauren says, "What's the best savings account for our baby?"
00:02 We want to open a savings account for our baby,
00:04 who is currently five months old. Congratulations, Lauren.
00:07 What's the best type of account for them to open? Congratulations.
00:10 If you're putting money away each month,
00:11 you've got the Saffron Building Society in Halifax
00:14 paying 5.8% and 5.5% for monthly savings,
00:19 so putting, say, up to £100 a month for them.
00:21 If you want to put lump sums away,
00:22 the Nationwide is the best children's savings account,
00:25 paying the 5% flat on lump sum amounts.
00:27 So those would be the places I would start to look
00:29 and I wish you huge congratulations.
00:31 Can I say something that no new parent wants to hear from me?
00:34 I always say this, I'm the most depressing person in the world, I'm sorry.
00:37 The other thing I always suggest new parents look at
00:40 is something like level term life assurance,
00:43 which, heaven forbid, one of the parents,
00:46 if you're a single parent, you were to lose your life,
00:48 which you look at making sure that money would be paid
00:51 over the next 20 years while they're a dependent child
00:54 to give them...to supplement the lost income,
00:57 your lost income if you or your partner are working.
01:00 It's worth...go and do some reading on it.
01:02 But the other thing, people always ask about children's savings,
01:05 they don't ask about level term life insurance.
01:07 And there's one in 30 children will lose a parent
01:12 before the age of 18, and I was one of those children,
01:14 which is why I'm quite passionate about it.
01:16 I think it is a sensible thing to go and do some reading
01:18 and look at the same time.

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