The equity savings account, best suited to long-term saving, is an excellent option of saving for a child. Capital gains and dividends are paid into the equity savings account and can be re-invested within the account without tax implications. That's how you can make the most of the equity savings account and the compound interest effect.
Before opening an equity savings account, a minor needs a personal current account and the minor must be an OP customer. At least one parent must also be an OP customer. If the child is an owner-customer, opening the equity savings account is free of charge. You can open an equity savings account for your child on OP-mobile, under Investments. If you as the parent have an equity savings account, you can just go to your own equity savings account's settings and open an equity savings account for your child.
- Read more about opening an equity savings account for a child
- Discover more ways to save for a child
- Equity savings account's charges and fees