For those with children and young people the Junior Cash ISA may be a good option to consider.
Available to children under the age of 17 who are happy to see their savings put away until they reach 18, the account offers impressive interest rates.
Those with a Junior Cash ISA can earn 1.95 percent in tax free variable interest, and can save up to £9,000 this tax year.
The account can be opened online or in branch, but must be managed by a parent or guardian if the child is under the age of 16.
The minimum balance for this account is £1, which means it is a good starter option for savers to develop their money in the long term. When the child turns 18, this account will turn into an Instant Cash ISA.