The saving money page has been updated today with a new savings scheme from Scottish Friendly.

Their child bond enables you to save between £10 and £25 tax free for each of your children. It's tax free and available for long term savings from 10 years plus.

By investing over the long term you avoid the peaks and troughs of short term trading and should benefit from a steady growth giving your child a good start in life when they reach adulthood.

The child bond can be taken out in addition to an ISA, giving you even more tax-free allowances to use. And you don't have to be a parent to open one.

Grandparents, aunties, godparents - anyone can open a child bond for their nominated child.

Scottish Friendly also operate a Scottish Bond which has all of the benefits of the child bond but doesn't have to be used as a savings account for a child.

Anyone can take one out, Scottish or otherwise, and receive their proceeds tax-free when the bond matures.

A friendly society has the benefit of sharing out all of its profits between its members rather than paying shareholders. Currently they are offering £15 high street vouchers as an incentive to sign up for either bond.

Saving money tax-free makes a lot of sense. If you currently have savings in the bank and are paying tax on the interest you should consider moving some or all of it into a tax-free method of saving such as the Scottish Bond.

After all, no-one likes paying taxes and if it can be avoided (legally!) all the better. I'd rather have the money in my pocket than the chancellors.