• Higher interest rate - this is obviously the main advantage
  
  
• Interest rate more stable - The banks and building societies often love to move (up and down) the interest rate on their savings account without rhyme or reason. Usually the interest rate is far more stable with Children's accounts
  
  
• Simple products - When it comes to Personal Finance the simple products are normally the best as the banks can't hide any potential disadvantages in the smallprint. See secret number 3 - Buy simple and flexible which is one of this site's 10 Secrets to Good Personal Finance
  
  
• Internet banking - Most of these accounts come with internet banking and that's a great way to efficiently manage your money and financial commitments. Personally I love internet banking. See - 3 easy steps to safer internet banking

See also secret number 4 - The internet - 4 reasons why it's your financial friend which is one of this site's 10 Secrets to Good Personal Finance

• Marketing tricks - Sadly, some banks and building societies have Children's accounts where the rate of interest is lower than on some of their other accounts. See secret number 2 - Do your own research - it won't take long which is one of this site's 10 Secrets to Good Personal Finance
  
  
• Lack of choice - Not every bank or building society offers this style of savings account

At any one time there are probably about 10+ Children's accounts on the market so the trick is to sort through the rubbish to find the best deals. Therefore use our Top 3 Savings deals page which includes Children's accounts and is updated every Monday.

Overall the account opening procedure is normally simple although you might be required to send some ID to the bank or building society in question.

Some of these accounts come with the carrot of a higher interest rate for regular deposits. For example, pay a minimum of £10 a month in and receive an extra 1%. This is a great feature to be on the lookout for but make sure there are no small print catches if a regular sum isn't deposited every month.

• See - What's a Savings Account with an 'interest rate bonus'

Watch out for marketing gimmick accounts

Sadly some banks and building societies offer Children's accounts which pay a lower interest rate than some of their other accounts which are open to all savers. If so it makes little or no sense to use a Children's account, instead you should deposit your money in an account with a higher rate.

I think it is inappropriate for any financial institution to try to trick young savers into accepting a lower interest rate. But think positive because it will hopefully teach some of the youngsters at an early age that the banks can't always be trusted to play fair.

• See Secret number 5 - Play Banks at their own game - which is one of this site's 10 Secrets to Good personal Finance

On balance Children's Savings accounts are good products as -

1. They often pay a great rate of interest, and
2. They try to encourage saving from an early age

The only point to be on the lookout for is where the interest rate paid on a Child's account is less than offered on some of the bank's other savings accounts.

PS. Don't forget to find the best savings deals head over to the LearnMoney.co.uk Top 3 Savings Accounts section which is updated every Monday and includes -

• Instant access
• Fixed rate bonds
• Notice accounts
• Cash ISAs
• Over 60s savings accounts
• Children's savings