Martin Lewis has issued an important warning to parents.
The consumer champion returned to host a new edition of Money Show Live earlier this week. The 50-year-old shared important financial advice to help people across the UK amid the cost-of-living crisis.
Martin shared an important message for anyone with kids as he spoke to a viewer named Kim. The viewer was joined by her grandchildren and Martin explained the top savings accounts for kids.
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However, Martin urged parents to properly explain the mechanics behind savings with their children while setting up an account. He said: "I can see the age of Kim's grandchildren there, some of them are a little bit older. Do not do this for them. Do it with them if they are old enough because it is great financial education.
"Talking about getting the best accounts, talking about what interest means and how it all works."
Martin proceeded to run Kim through the four best savings accounts on the market. He said: "I will start with the Halifax saver, that is the highest payer at 5% interest, fixed for a year, up to £100 a month. You can pop £10 in some months, £100 another month. That is the maximum. You cannot withdraw money unless you close the account and then you withdraw all the cash at once."
The three other banks Martin mentioned were Saffron Building Society, Halifax and Leeds Building Society. The Saffron Building Society is available for kids aged up until 16 years old and offers 4.4% fixed interest on capital of between £500 and £25,000.
HSBC offers 3.75% variable interest and Leeds Building Society offers 3.65% variable interest.
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