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On the eve of what is sure to be Alistair Darling's most important political statement there is speculation and counter speculation about how he will address the situation of the UK economy next...
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Thursday 2nd October 2008
Parents should begin saving for their children as early as possible, Fool.co.uk said today.
According to a personal finance expert at the site, picking out a high rate by shopping around for the best deal was particularly important.
The comments come in the wake of research from Moneysupermarket.com which found that, parents saving £50 a month for their children from birth build up a nest egg of £15,700 by the time they take their A-Levels.
Approximately £7,300 of this would be derived through interest, the website found.
David Kuo, head of personal finance at Fool.co.uk, commented: "If you are putting money into a savings account check very carefully what the interest rates payable are.
"They can vary quite considerably on the high street and remember you are looking after your child's money and you have the responsibility to make sure the child is getting the best returns and usually the child will be able to scan the best buy deals themselves and they will be asking parents: 'Why am I getting less than my next door neighbour?'
"You don't want to be put in that position."
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