The best account will be the one that fits how you want to save for your child and also gives you the best return.
To find the right savings account for your child, think about the following:
How often you want to save: e.g. a lump sum at the start or adding to it when you can
How much access you want: e.g. instant access or could you give some notice
How you want to manage it: e.g. some accounts let you check your balance and complete transfers online.
If you are willing to take some risk for a better return: e.g. putting your child's money in a stock market investment
Who can open a children's savings account?
A children's account can be opened by you on behalf of your child if you are their parent or guardian, others let you open them if you are another family member or friend.
What types of account are there?
These are the different types of children's savings account you can find on our table:
Young person's savings plan: Stocks and shares investment schemes designed for regular monthly investments over a minimum term of 10 years.
Fixed bond: Savings account that lets you earn a fixed interest rate over a short or long term period, such as 1 to 5 years.
Regular saver: Usually pay the highest interest rates and let you save on behalf of your child on a monthly basis.
Junior notice: Savings accounts that require you to give a set number of days' notice before you can withdraw funds penalty free.
Instant access: Savings account that lets you withdraw anytime without penalty. These usually have lower interest rates than other children's savings accounts.
You can use the filters on our table to compare the type of children's accounts you are most interested in.
ISAs for children
Your child can only have one Junior cash ISA and Junior stocks and shares ISA, and pay in up to a combined amount of £4,080 each tax year.
Junior cash ISA: Cash savings accounts that uses your child's ISA allowance. You can only open this account if you are the child's parent or guardian.
Junior stocks and shares ISA: Stocks and shares investment using your child's ISA allowance. You can only open this account if you are the child's parent or guardian.
Both the Junior ISA and Junior stocks and shares ISA cannot be closed until your child's 18th birthday, when the account will transfer over to their name only.
Children's account FAQs
Will the account be in my child's name?
Yes, but you will manage it on their behalf until they reach a certain age, such as 18 years old. Here is more information on children's accounts.
Does my child need to pay tax?
Each child can earn £1,000 in savings interest each year before paying tax each as well as £100 in interest earned from money given by a parent.
Can I save on behalf of my grandchild?
Yes, with the exception of a few accounts like Junior ISAs which require a parent or legal guardian to open.
Does my child have a personal savings allowance?
Yes, up to £1,000 in interest can be earned tax free each year in addition to a £100 allowance from money given by a parent. Find out more here.
Who can withdraw money from my child's account?
Whoever is the named account holder, with the exception of a Junior ISA that ties the money up until your child's 18th birthday.
About our children's savings accounts comparison
Who do we include in this comparison?
How do we make money from our comparison?
We have commercial agreements with some of the companies in this comparison and get paid commission if we help you take out one of their products or services. Find out more here.
You do not pay any extra and the deal you get is not affected.