You can also explain to your kids that their money is safer in a bank, than it would be sitting in a piggy bank. This is not just because it’s safer from potential thieves (don’t mention this if it’s too scary), but also because it’s more difficult for them to spend it.
It’s important that you research the bank, building society or savings provider you’re using, and check that they’re protected by the Financial Services Compensation Scheme (FSCS).
This protection means that your money is covered up to £85,000 per institution, if the bank were to collapse.