Commercial feature – Bringing up a child isn’t easy and is pretty much always costly. However, there are things you can do to help reduce the financial impact they have when their more expensive needs come to be addressed – like setting up a savings account.

A recent survey has highlighted just how much you can end up spending on your son or daughter once they reach their late teens – showing just how helpful it could be to have some cash set aside. The survey, conducted by market research group 72 Point, revealed there are many youngsters who continue to live with their parents at the age of 18 and end up costing them thousands of pounds as a result. The research also pointed out that many parents feel they’ll be financially responsible for their kids for many years after they reach adulthood – and this could have a serious impact on their own money.

But whether you plan to help your son or daughter buy their first car, find a deposit for a home, pay for a wedding or put them through university, a savings account could be a great idea. At Halifax, we offer a range of options that could help with this – including ISAs that also give you tax free interest. You can put up to £5,100 in a Cash ISA over the course of this tax year and with both variable and fixed rate options available, there should be one that is ideal for your needs.

If you’re anticipating needing a long term savings option, our Fixed Rate ISA Saver offers you a steady rate of interest for a period of between one and four years. In addition to the peace of mind this provides, it also allows you to plan ahead and set specific savings goals. The account comes with a minimum opening balance of £500, but you can put in anything up to the annual limit of £5,100. However, once it is set up you cannot make additional deposits or withdrawals. You can close the account at any time but this would mean losing 180 days interest. Effectively, this type of savings account is best if you know you can lock your money safely away for a period of time and in return you get a great fixed rate of interest – which, of course, is tax free.

Alternatively, the Halifax ISA saver Direct Reward is a Cash ISA that gives you a variable rate of tax free interest, can be set up for as little as £1 and also gives you the flexibility of unlimited deposits and withdrawals. You can manage your savings online or by phone, as well as view your balance and recent transactions online.