Martin Lewis, a well-known financial expert from Money Saving Expert, has recently advised parents to consider high-interest savings accounts and Junior ISAs for their children. He suggested that teenagers might be able to earn up to £50 by switching to a different bank account. Lewis encouraged parents to avoid Premium Bonds and instead explore more profitable options such as ISAs or high-interest savings accounts. He acknowledged that some parents may feel guilty about not being able to provide financial security for their children, but he aimed to help them make better financial decisions for their future. A Junior ISA (Individual Savings Account) is a tax-free account designed for children, allowing parents to save or invest up to £9,000 each tax year. There are two types: Cash JISAs, where the interest earned is not taxed, and Shares JISAs, where investment gains and dividends are also tax-free. A child can have both types of JISAs, but the total annual contribution limit remains at £9,000. These accounts must be opened by a parent or guardian with parental responsibility, and once the child turns 16, they can manage the account themselves. Some Junior ISAs and other savings accounts for young people offer interest rates of more than 3 per cent annually, with some accounts providing up to 5 per cent. Lewis highlighted the Santander 123 Mini children’s bank account, which offers a £50 bonus to new customers aged 13 to 17, provided that £50 is deposited within 31 days. This account also includes a contactless debit card and tiered interest rates: 3 per cent on savings between £1,500 to £2,000, 2 per cent on £1,000 to £1,500, and 1 per cent on amounts below £1,000. No interest is paid if the balance exceeds £2,000. Premium Bonds are a type of government-backed savings product where the interest is determined by a monthly prize draw. The current prize rate is 4.35 per cent, but not everyone who holds Premium Bonds will win this amount. Lewis suggested that many parents and grandparents might have done better by choosing regular savings accounts instead. While Premium Bonds are suitable for those who pay tax on their interest and have used up their ISA allowance, he noted that for most children with small savings and who are not taxpayers, this might not be the best option.