Compare Best Rates For Children's Savings Accounts
- Compare child savings accounts from UK Banks & Building Societies
- Compare features & benefits and find the best interest rate
Children's Savings Accounts
Opening a savings account is a great way to get your kids started in educating them on how to manage money. It can teach them how to save money and be financially responsible as they grow up.
Interest rates on kids accounts
Generally speaking, the interest rates offered on kids accounts is quite a bit higher than a regular adult savings account so it's worth shopping around to find the best rate available. It can be a useful opportunity to try and teach children how interest rates work and how they can earn money on their savings.
Those accounts that offer the highest interest rates will usually require you to transfer minimum monthly amounts into the child's account via a standing order. If a payment transfer is missed then it could result in you losing this higher rate.
Restrictions on opening a children's account
- To open an account for a child you need to be at least 18 years old and either be the parent or guardian (otherwise you need to get permission).
- Children in their teens may be contacted directly by the bank to inform them that they are holding their personal information. The bank should contact you beforehand to inform you of this.
- The minimum age restriction for a child to have a bank account is around 6 years old and the maximum is usually 17 years old. However, some financial providers may have different rules and require that children are over 10 years old before they can have an account.
Managing a kid's savings account
Accessing and managing the account differs between banks. Some accounts require an adult to authorise every transaction whilst others can be managed by the child directly via online or in branch. Some savings accounts may even issue a debit card for the child, as they get older.
Access to savings
The majority of accounts for children allow instant access to funds and allow you to withdraw and deposit funds at anytime without incurring charges.
Some accounts are designed specifically for parents to save on behalf of their child. These accounts often attract higher interest rates but are very restrictive on withdrawing the money (often by closure only). Money plus interest saved may be automatically transferred into your kids' own bank account after 12 months. You should read the specific terms for each product before opening any account.
Minimum Opening Deposit
The majority of kid's accounts can be opened with just £1 although some may require a slightly higher amount like £5 or £10 where a regular monthly transfer is required.
|Bank Account||AER Interest Rate||Min. Opening Deposit||Features|
HSBC Future Saver for Children
Start saving for your child's future.
HSBC MySavings / Premier MySavings
An easy way to save for 7-17 year olds.
Barclays Children's Instant Saver
Set aside savings for your children – as much as you want, whenever you want.
Barclays Children's Regular Saver
Set aside money every month for your little one with access if you need it.
RBS First Saver
Free children's savings account
Lloyds Bank Child Saver
Variable interest account for an adult who wants to save for a child aged 15 or under with instant access.
Nationwide FlexOne Regular Saver
For 11-17 year olds with a FlexOne current account.
Halifax Kids' Monthly Saver
A monthly savings account for an adult to save regularly for a child aged 15 or under.
Halifax Kids' Saver
A variable interest account for an adult who wants to save for a child aged 15 or under, with easy access to their money.
Yorkshire Bank Jumpstart Savers Account
Save for what you want.
|0.15% to 0.75%|
Yorkshire Bank Headstart Savers Account
Savings for your children's future.
(Linked to Bank of England base rate)