It pays to start saving regularly, even if it is only a very small amount. A good place to start is with a credit union.
Or you can arrange a standing order with your bank account to pay a set amount of money from your current account into your savings account on a regular basis that suits you.
Remember - you don’t have to save with the bank or building society that holds your current account. Others may pay better interest on savings. Have a look at the information about savings accounts and comparison tables at Money Advice Service.
The Child Trust Fund (CTF) is a long-term tax-free savings account for children born between 1 September 2002 and 2 January 2011. Find out if your child can get an account, how the account works and what to do to get started.
If your child is entitled to a CTF account, HM Revenue & Customs (HMRC) will usually send you a voucher. You use this to open the account in your child's name.
The voucher could be worth £50 or £250 depending on when your child was born and when they became entitled to an account.
Parents can decide how to invest the money. Money can be added to the fund, up to a set limit each year. No-one but the child can access the money - and not until they’re 18.
More information on the Child Trust Fund is available here.