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Our children's savings accounts chart will help you to find the right account when saving for your child's future.  If you would like more information about children's savings accounts read our guide below.

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Family Building Society Logo
Family Building Society Online Saver (1) FSCS logo
FSCS logo
AER
1.26%
Account Type
Variable
Notice / Term
None
Interest Paid
Yearly
Opening Account
Available Online Not Available At Branch Not Available By Mail Not Available By Telephone Not Available By Mobile
Managing Account
Available Online Not Available At Branch Not Available By Mail Not Available By Telephone Not Available By Mobile
Go To Provider's Site
Rates
Access
Information
Opening Restrictions
Additional Information

Rates

Rate 1.26% paid at £100
AER 1.26% paid at £100
Interest Paid Yearly
Interest payment Interest must be compounded
Min Opening Amount £100
Max Investment £250,000
Introductory bonus N/A

Access

Withdrawals Allowed
Early Access Allowed
Access Note
N/A
Further Additions Allowed

Information

Min Age 0
Max Age 0
Taxation
Interest is paid without tax being deducted, but may be taxable depending on your personal circumstances

Opening Restrictions

N/A

Additional Information

N/A
Coventry BS Logo
Coventry BS Junior Cash ISA (1) FSCS logo
FSCS logo
AER
3.60%
Account Type
Cash Junior ISA
Notice / Term
Age 18
Interest Paid
Yearly
Opening Account
Not Available Online Available At Branch Available By Mail Not Available By Telephone Not Available By Mobile
Managing Account
Not Available Online Available At Branch Available By Mail Not Available By Telephone Not Available By Mobile
Rates
Access
Information
Opening Restrictions
ISA Information
Additional Information

Rates

Rate 3.60% paid at £1
AER 3.60% paid at £1
Rate Type Variable Rate
Interest Paid Yearly
Interest payment Interest must be compounded
Min Opening Amount £1
Max Investment £0
Introductory bonus N/A

Access

Withdrawals Allowed
Early Access Allowed
Access Note
N/A
Further Additions Allowed
At the end of the fixed term
Your provider will write to you before the account matures. If you don’t give them any instructions, the money in the account will be paid into a variable rate account

Information

Min Age 0
Max Age 17
Taxation
Interest is paid tax free

Opening Restrictions

N/A

ISA Information

Transfer Out Penalty Details -
Transfers In - Cash JISAs
Transfers In - Stocks & Shares JISAs
Transfers In - Child Trust Fund
Transfer Notes -
Split ISA Allowance Between Different ISAs With Same Provider

Additional Information

N/A
Danske Bank Logo
Danske Bank Junior Cash ISA FSCS logo
FSCS logo
AER
3.45%
Account Type
Cash Junior ISA
Notice / Term
Age 18
Interest Paid
Yearly
Opening Account
Not Available Online Available At Branch Not Available By Mail Available By Telephone Not Available By Mobile
Managing Account
Available Online Available At Branch Not Available By Mail Available By Telephone Available By Mobile
Rates
Access
Information
Opening Restrictions
ISA Information
Additional Information

Rates

Rate 3.45% paid at £25
AER 3.45% paid at £25
Rate Type Variable Rate
Interest Paid Yearly
Interest payment Interest must be compounded
Min Opening Amount £25
Max Investment £0
Introductory bonus N/A

Access

Withdrawals Allowed
Early Access Allowed
Access Note
N/A
Further Additions Allowed
At the end of the fixed term
Your provider will write to you before the account matures. If you don’t give them any instructions, the money in the account will be paid into a variable rate account

Information

Min Age 0
Max Age 17
Taxation
Interest is paid tax free

Opening Restrictions

N/A

ISA Information

Transfer Out Penalty Details -
Transfers In - Cash JISAs
Transfers In - Stocks & Shares JISAs
Transfers In - Child Trust Fund
Transfer Notes -
Split ISA Allowance Between Different ISAs With Same Provider

Additional Information

N/A
Darlington BS Logo
Darlington BS Junior Cash ISA FSCS logo
FSCS logo
AER
3.25%
Account Type
Cash Junior ISA
Notice / Term
Age 18
Interest Paid
Yearly
Opening Account
Not Available Online Available At Branch Available By Mail Not Available By Telephone Not Available By Mobile
Managing Account
Not Available Online Available At Branch Available By Mail Not Available By Telephone Not Available By Mobile
Rates
Access
Information
Opening Restrictions
ISA Information
Additional Information

Rates

Rate 3.25% paid at £1
AER 3.25% paid at £1
Rate Type Variable Rate
Interest Paid Yearly
Interest payment Interest must be compounded
Min Opening Amount £1
Max Investment £0
Introductory bonus N/A

Access

Withdrawals Allowed
Early Access Allowed
Access Note
N/A
Further Additions Allowed
At the end of the fixed term
Your provider will write to you before the account matures. If you don’t give them any instructions, the money in the account will be paid into a variable rate account

Information

Min Age 0
Max Age 15
Taxation
Interest is paid tax free

Opening Restrictions

N/A

ISA Information

Transfer Out Penalty Details -
Transfers In - Cash JISAs
Transfers In - Stocks & Shares JISAs
Transfers In - Child Trust Fund
Transfer Notes -
Split ISA Allowance Between Different ISAs With Same Provider

Additional Information

N/A
National Savings & Investments Logo
National Savings & Investments Junior ISA Depositor Protection logo
Depositor Protection logo
AER
3.25%
Account Type
Cash Junior ISA
Notice / Term
Age 18
Interest Paid
Yearly
Opening Account
Available Online Not Available At Branch Not Available By Mail Not Available By Telephone Not Available By Mobile
Managing Account
Available Online Not Available At Branch Not Available By Mail Not Available By Telephone Not Available By Mobile
Rates
Access
Information
Opening Restrictions
ISA Information
Additional Information

Rates

Rate 3.25% paid at £1
AER 3.25% paid at £1
Rate Type Variable Rate
Interest Paid Yearly
Interest payment Interest must be compounded
Min Opening Amount £1
Max Investment £0
Introductory bonus N/A

Access

Withdrawals Allowed
Early Access Allowed
Access Note
N/A
Further Additions Allowed

Information

Min Age 0
Max Age 17
Taxation
Interest is paid tax free

Opening Restrictions

N/A

ISA Information

Transfer Out Penalty Details -
Transfers In - Cash JISAs
Transfers In - Stocks & Shares JISAs
Transfers In - Child Trust Fund
Transfer Notes -
Split ISA Allowance Between Different ISAs With Same Provider

Additional Information

N/A
Santander Logo
Santander 123 Junior ISA FSCS logo
FSCS logo
AER
3.25%
Account Type
Cash Junior ISA
Notice / Term
Age 18
Interest Paid
Yearly
Opening Account
Not Available Online Available At Branch Not Available By Mail Not Available By Telephone Not Available By Mobile
Managing Account
Available Online Available At Branch Not Available By Mail Available By Telephone Available By Mobile
Rates
Access
Information
Opening Restrictions
ISA Information
Additional Information

Rates

Rate 3.25% paid at £1
AER 3.25% paid at £1
Rate Type Variable Rate
Interest Paid Yearly
Interest payment Interest must be compounded
Min Opening Amount £0
Max Investment £0
Introductory bonus N/A

Access

Withdrawals Allowed
Early Access Allowed
Access Note
N/A
Further Additions Allowed
At the end of the fixed term
Your provider will write to you before the account matures. If you don’t give them any instructions, the money in the account will be paid into a variable rate account

Information

Min Age 0
Max Age 17
Taxation
Interest is paid tax free

Opening Restrictions

Available to 123 World or Select Customers

ISA Information

Transfer Out Penalty Details -
Transfers In - Cash JISAs
Transfers In - Stocks & Shares JISAs
Transfers In - Child Trust Fund
Transfer Notes -
Split ISA Allowance Between Different ISAs With Same Provider

Additional Information

N/A
TSB Logo
TSB Junior Cash ISA FSCS logo
FSCS logo
AER
3.25%
Account Type
Cash Junior ISA
Notice / Term
Age 18
Interest Paid
Yearly
Opening Account
Not Available Online Available At Branch Not Available By Mail Not Available By Telephone Not Available By Mobile
Managing Account
Not Available Online Available At Branch Not Available By Mail Available By Telephone Not Available By Mobile
Rates
Access
Information
Opening Restrictions
ISA Information
Additional Information

Rates

Rate 3.25% paid at £1
AER 3.25% paid at £1
Rate Type Variable Rate
Interest Paid Yearly
Interest payment Interest must be compounded
Min Opening Amount £1
Max Investment £0
Introductory bonus N/A

Access

Withdrawals Allowed
Early Access Allowed
Access Note
N/A
Further Additions Allowed
At the end of the fixed term
Your provider will write to you before the account matures. If you don’t give them any instructions, the money in the account will be paid into a variable rate account

Information

Min Age 0
Max Age 17
Taxation
Interest is paid tax free

Opening Restrictions

N/A

ISA Information

Transfer Out Penalty Details -
Transfers In - Cash JISAs
Transfers In - Stocks & Shares JISAs
Transfers In - Child Trust Fund
Transfer Notes -
Split ISA Allowance Between Different ISAs With Same Provider

Additional Information

N/A
Tesco Bank Logo
Tesco Bank Junior Cash ISA FSCS logo
FSCS logo
AER
3.15%
Account Type
Cash Junior ISA
Notice / Term
Age 18
Interest Paid
Anniversary
Opening Account
Available Online Not Available At Branch Not Available By Mail Available By Telephone Not Available By Mobile
Managing Account
Available Online Not Available At Branch Not Available By Mail Available By Telephone Available By Mobile
Rates
Access
Information
Opening Restrictions
ISA Information
Additional Information

Rates

Rate 3.15% paid at £1
AER 3.15% paid at £1
Rate Type Variable Rate
Interest Paid Anniversary
Interest payment Interest must be compounded
Min Opening Amount £1
Max Investment £0
Introductory bonus N/A

Access

Withdrawals Allowed
Early Access Allowed
Access Note
N/A
Further Additions Allowed
At the end of the fixed term
Your provider will write to you before the account matures. If you don’t give them any instructions, the money in the account will be paid into a variable rate account

Information

Min Age 0
Max Age 17
Taxation
Interest is paid tax free

Opening Restrictions

N/A

ISA Information

Transfer Out Penalty Details -
Transfers In - Cash JISAs
Transfers In - Stocks & Shares JISAs
Transfers In - Child Trust Fund
Transfer Notes -
Split ISA Allowance Between Different ISAs With Same Provider

Additional Information

N/A
Melton Mowbray BS Logo
Melton Mowbray BS Wild Ones Young Savers FSCS logo
FSCS logo
AER
3.04%
Account Type
Childrens
Notice / Term
30 Day
Interest Paid
Monthly
Opening Account
Not Available Online Available At Branch Available By Mail Not Available By Telephone Not Available By Mobile
Managing Account
Not Available Online Available At Branch Available By Mail Not Available By Telephone Not Available By Mobile
Rates
Conditions
Information
Opening Restrictions
Additional Information

Rates

Rate 3.00% paid at £5
AER 3.04% paid at £5
Interest Paid Monthly
Interest payment Interest must be compounded
Min Opening Amount £5
Max Investment £5,000
Introductory bonus N/A

Conditions

Number of Permitted Withdrawals N/A
Withdrawal Penalty N/A
Minimum Number of Payments N/A
Missed Payment Penalty N/A
Regular Savings
Min Monthly Deposit N/A
Max Monthly Deposit N/A

Information

Min Age 0
Max Age 15
Taxation
Interest is paid without tax being deducted, but may be taxable depending on your personal circumstances

Opening Restrictions

Existing Customers (for 5 years or more.) and/or Locals (Leicestershire, Nottinghamshire, Lincolnshire or Rutland.)

Additional Information

N/A
Halifax Logo
Halifax Junior Cash ISA FSCS logo
FSCS logo
AER
3.00%
Account Type
Cash Junior ISA
Notice / Term
Age 18
Interest Paid
Yearly
Opening Account
Available Online Available At Branch Not Available By Mail Not Available By Telephone Not Available By Mobile
Managing Account
Not Available Online Available At Branch Not Available By Mail Not Available By Telephone Not Available By Mobile
Rates
Access
Information
Opening Restrictions
ISA Information
Additional Information

Rates

Rate 3.00% paid at £1
AER 3.00% paid at £1
Rate Type Variable Rate
Interest Paid Yearly
Interest payment Interest must be compounded
Min Opening Amount £1
Max Investment £0
Introductory bonus N/A

Access

Withdrawals Allowed
Early Access Allowed
Access Note
N/A
Further Additions Allowed

Information

Min Age 0
Max Age 17
Taxation
Interest is paid tax free

Opening Restrictions

N/A

ISA Information

Transfer Out Penalty Details -
Transfers In - Cash JISAs
Transfers In - Stocks & Shares JISAs
Transfers In - Child Trust Fund
Transfer Notes -
Split ISA Allowance Between Different ISAs With Same Provider

Additional Information

N/A

Select a Savings Category

Note

Eligible deposits with UK institutions are protected by the Financial Services Compensation Scheme up to a maximum level of protection of £85,000 per person per institution.

Disclaimer

All rates subject to change without notice. Please check all rates and terms before investing or borrowing

Quick Links

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Still not sure?

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Junior ISA loophole for 16 and 17-year-olds.

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A guide to children's savings accounts

Leanne Macardle

Leanne Macardle

Editor
Published: 30/01/2019

At a glance

  • Children’s savings accounts are available in the same format as savings accounts for adults: easy access, fixed rate bonds and regular savings.
  • Starting to save earlier can benefit your child more in the long run due to compound interest.
  • Some accounts have minimum and maximum age restrictions.
  • Depending on when your child was born, they may be eligible for either a Child Trust Fund or a Junior ISA (though note that Child Trust Funds are no longer available to new savers).

What are children’s savings accounts?

Children’s savings accounts are specifically designed to offer a place where you can save for your child’s future, or alternatively, as a place where your child themselves can save when they’re old enough to do so. Such accounts come in a variety of formats, much like with adult savings, with it possible to get fixed rate bonds, easy access and regular savings accounts that are all designed for children. (There are also Junior ISAs and Child Trust Funds if your child was born between 1.9.02 and 2.1.11, which are discussed elsewhere.)

This is to provide accounts that can meet both short and long-term goals. On the one hand, a grandparent might be looking to put money aside to help a child far in the future, such as helping them raise the deposit on a house or buying a car, in which case a fixed rate bond could be ideal – that way, a lump sum can be invested that can remain untouched for a number of years, though the money may need to be moved when the term of the initial bond concludes.

On the other hand, the child themselves may wish to deposit surplus birthday money in a suitable account until they see something that they wish to buy, in which case an easy access account or perhaps a regular saver would be ideal. Such accounts could also be a great way to get children into the habit of setting money aside and to teach them about the value of saving, particularly if they get to watch their pot grow through the magic of compounding.

How can I open a children’s savings account?

This all depends on the age of your child. Some accounts will allow you to open an account for your child from birth, while others may have an older minimum age requirement, and yet more allow the child themselves to open the account when they reach a certain age. Similarly, not all children’s savings accounts will run until your child is 16 or 18 – some end when a child turns 11, or 13 for instance. Essentially, it all comes down to the individual account, so you need to check the features and small print of each potential deal to see if it works for you and your child’s circumstances.

Do I need to worry about taxation?

Most children don’t pay tax on interest they earn from their savings, as it’s highly unlikely that they’ll earn enough interest to breach their personal tax allowance (which is £12,500 for the 2019/20 tax year).

However, parents may have to pay tax instead, but again it isn’t that likely. If a child earns more than £100 in interest on money given to them by a parent or step-parent, there will be tax for you to pay – unless that money is in an old Child Trust Fund or Junior ISA – as it’s taxed as if it was the parent’s own interest. This limit doesn’t apply to cash given by grandparents or other family members, however.

If you want to make sure that all interest can be earned tax-free, and specifically want to save for your child’s future, you may want to look to Junior ISAs. These allow you to save up to a certain amount each year – which for the 2019/20 tax year is £4,368 – without any tax liability, and your child won’t be able to access the funds until they turn 18. Find out more about Junior ISAs by reading our guide, or head straight to our Junior ISA hub where you can search for suitable accounts.

Find the best children’s savings account rates

To find the best children’s savings account rates, simply use our savings search tool and you’ll be presented with a list of the top options that meet your needs. However, you may want to speak to your own (or your child’s) current account provider as well, as you’ll often find loyalty or linked children’s savings accounts that pay far higher rates of interest.

That said, don’t be afraid to look to lesser-known names, and bear in mind that it can often make sense to go for smaller mutuals. Building societies are often known for offering generous children’s savings accounts, and challenger banks are increasingly getting in on the action, too.

What are challenger banks?

Read our guide to find our more about Challenger Banks.

Ultimately, making sure you get the best savings rate can help boost your child’s returns for the future. Ready to go? Start searching, or find out more about the kind of savings accounts available.

woman lifting baby in the air

At a glance

  • Children’s savings accounts are available in the same format as savings accounts for adults: easy access, fixed rate bonds and regular savings.
  • Starting to save earlier can benefit your child more in the long run due to compound interest.
  • Some accounts have minimum and maximum age restrictions.
  • Depending on when your child was born, they may be eligible for either a Child Trust Fund or a Junior ISA (though note that Child Trust Funds are no longer available to new savers).
Best Children's Savings Accounts
Provider AER Account Type Notice / Term Min Investment
Coventry BS Logo Coventry BS Junior Cash ISA (1) 3.60% Cash Junior ISA Age 18 £1
Danske Bank Logo Danske Bank Junior Cash ISA 3.45% Cash Junior ISA Age 18 £25
Darlington BS Logo Darlington BS Junior Cash ISA 3.25% Cash Junior ISA Age 18 £1
TSB Logo TSB Junior Cash ISA 3.25% Cash Junior ISA Age 18 £1

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