A reader from Sussex is expecting a baby and wants to know about the Child Trust Fund options.
Andy McKechnie, head of sales and marketing for savings at Halifax, tackles the problem.
Terry from Brighton asks:
My wife and I are expecting our first child in September.
We want to start a Child Trust Fund for our newborn but are confused about the options.
How do we find out more?
Child Trust Funds (CTF) were introduced by the government to make it easier to save for a child's future.
For all the information you need on Child Trust Funds and how they operate, visit http://www.childtrustfund.gov.uk/
In addition to a Child Trust Fund, there are a number of different ways you can save for your child's future.
Just like any other savings accounts, there is a wide range of different children's savings accounts on the market that offer varying levels of access with interest rates to match.
I'd recommend speaking to a qualified Financial Advisor to discuss the best way you can save for your child.
If you have a question for Andy, go to the myfinances.co.uk Ask the Savings Expert section.
Or for more information on your savings options go to savings at Halifax.