Find a high interest children's savings account or junior cash ISA for your children, to help grow their money and save for their future.
Looking through a range of options gives you more chance of securing a great deal. You'll only find results from genuine companies. Our data experts check each company before we add them to our comparisons.
1
Run a savings account comparison
Decide whether you'd be happy to take a higher risk investment account for a potential higher return or a lower risk option and then have a look for the best rate. Rates can vary widely across providers, so comparing a number of options increases your chances of finding the best children's savings account deal for you.
2
Check the terms
The highest interest children's saving account might catch your eye however check any conditions attached such as how often you can access the money or required sums to open the account then have a look to see which option offers the highest interest rate on your child's savings account that matches your needs.
3
Apply for the account
You may be able to get a high interest children's saving account by applying online and some lenders and brokers only ever operate digitally, so to make sure you find the best children's saving accounts comparing quotes on the internet is a must. Once you've found the account that's the best fit, simply apply.
| Gross rate | Gross rate | AER rate | AER rate | |
|---|---|---|---|---|
| Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
| £10 | 3.5% | 3.5% | 3.5% | 3.5% |
| Maximum Age | 15 years |
| Maximum Initial Deposit | £1,800 |
| Minimum Initial Deposit | £10 |
| Permanent UK Resident |
| Gross rate | Gross rate | AER rate | AER rate | |
|---|---|---|---|---|
| Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
| £1 | 3.15% | 3.15% | 3.15% | 3.15% |
| Maximum Age | 17 years |
| Minimum Initial Deposit | £1 |
| Minimum Monthly Investment | £1 |
| Permanent UK Resident |
| Gross rate | Gross rate | AER rate | AER rate | |
|---|---|---|---|---|
| Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
| £5 | 3% | 3% | 3.02% | 3.02% |
| Maximum Age | 15 years |
| Maximum Initial Deposit | £1,200 |
| Minimum Initial Deposit | £5 |
| Permanent UK Resident |
| Gross rate | Gross rate | AER rate | AER rate | |
|---|---|---|---|---|
| Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
| £1 | 3% | 3% | 3% | 3% |
| Maximum Age | 17 years |
| Minimum Initial Deposit | £1 |
| Minimum Monthly Investment | £1 |
| Permanent UK Resident |
| Gross rate | Gross rate | AER rate | AER rate | |
|---|---|---|---|---|
| Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
| £10 | 2.96% | 2.96% | 3% | 3% |
| £3,000 | 0.75% | 0.75% | 0.75% | 0.75% |
| Maximum Age | 17 years |
| Maximum Initial Deposit | Unlimited |
| Minimum Initial Deposit | £10 |
| Minimum Age | 7 years |
| Permanent UK Resident |
| Gross rate | Gross rate | AER rate | AER rate | |
|---|---|---|---|---|
| Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
| £10 | 2.96% | 2.96% | 3% | 3% |
| £3,000 | 0.75% | 0.75% | 0.75% | 0.75% |
| Maximum Age | 17 years |
| Maximum Initial Deposit | Unlimited |
| Minimum Initial Deposit | £10 |
| Minimum Age | 7 years |
| Permanent UK Resident |
| Gross rate | Gross rate | AER rate | AER rate | |
|---|---|---|---|---|
| Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
| £1 | 2.75% | 2.75% | 2.75% | 2.75% |
| Maximum Age | 17 years |
| Maximum Initial Deposit | £20,000 |
| Minimum Initial Deposit | £1 |
| Permanent UK Resident |
| Gross rate | Gross rate | AER rate | AER rate | |
|---|---|---|---|---|
| Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
| £10 | 2.75% | 2.75% | 2.75% | 2.75% |
| Maximum Age | 17 years |
| Maximum Initial Deposit | £5,400 |
| Minimum Initial Deposit | £10 |
| Permanent UK Resident |
| Gross rate | Gross rate | AER rate | AER rate | |
|---|---|---|---|---|
| Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
| £1 | 2.55% | 2.55% | 2.55% | 2.55% |
| Maximum Age | 17 years |
| Maximum Initial Deposit | £200 |
| Minimum Initial Deposit | £1 |
| Minimum Age | 13 years |
| Permanent UK Resident |
| Gross rate | Gross rate | AER rate | AER rate | |
|---|---|---|---|---|
| Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
| £10 | 2.5% | 2.5% | 2.5% | 2.5% |
| Maximum Age | 15 years |
| Maximum Initial Deposit | £1,200 |
| Minimum Initial Deposit | £10 |
| Permanent UK Resident |
A children's savings account can be opened with most banks and building societies.
A lot of the time, a children’s savings account will pay pay significantly higher interest than an adult savings account. This means they’re a great way to save for your child's financial future.
The best children's savings account is one that pay’s a good interest rate.
Saving for your child is an important part of financial planning. By finding the best children's savings account and paying into it, you could make a significant difference to your child’s future.
There is no perfect formula to follow to find the best children's savings account. But finding one that suits your needs and financial goals shouldn’t be too hard. The best children's savings account for you is one that best fits how you want to save for your child and also gives a good return on their savings.
To find the best savings account for kids, ask yourself the following questions:
How often you want to save? Perhaps you’ll put in a lump sum at the start, or maybe you’ll just add a little bit of money at a time, when you can.
How much access you want to the money? Some people want instant access while others are happy to give some notice.
How you want to manage the account? Some accounts let you check the balance and complete transfers online, while others are managed in branch, by phone or by post.
Are you willing to take some risk for a better return? If you put your child's money in a stock market investment, you could make more money. But it doesn’t come without risk.
Knowing the answers to these questions should help you to work out what’s the best children’s savings account for your needs.
You can open a child savings account on behalf of a child if you’re their parent or guardian.
Some banks also let you open a child savings account if you’re a family member or friend.
When you’re trying to find the best child savings account, you may feel confused by all the different types available.
You’ll find several different types in our comparison table. And different types come with different caveats and rules. So, before you choose the best child savings account for you, here’s a rundown of what’s available:
Regular saver: These usually pay the highest interest rates and let you save on behalf of your child, but you have to add funds on a monthly basis. And access can be slightly limited. The good thing is that most regular saver accounts pay a fixed rate of interest, unless you miss one of the monthly payments.
Instant/easy access: This is a child savings account from which money can be withdrawn by your child at any time without incurring a penalty. They usually have lower interest rates than other children's savings accounts. But they’re a good way of involving your child in the running of the account from the outset. They’re also great if your child wants an account to save up in so they can treat themselves to something when they’ve saved enough money.
Junior notice: This is a child savings account that requires you to give a set number of days' notice before you can withdraw funds.
Young person's savings plan: These are stocks and shares investment schemes. They’re designed for regular monthly investments over a minimum of 10 years.
Fixed bond: These are fixed-rate savings accounts. They let you earn a fixed interest rate over a short or long-term period, such as 1 to 5 years. You can’t usually access the money during that term, and the few accounts that do let you, charge a penalty if you do so. But the interest rates tend to be good on this kind of child savings account.
You can use the filters on our table to compare the types of child savings account you’re interested in. This will help you find the best children’s savings account for your needs.
Children's savings account work in much the same way as adult’s savings accounts. Once you’ve chosen an account, the terms and conditions will explain exactly how each account works. It does differ a little between providers, so do your research.
The good thing is that they tend to be safe, and easy-to-use cash accounts. And your child can usually make some interest. Plus, you can usually open a child savings account with as little as £1.
From the age of seven, your child can usually be involved in managing a children’s savings account.
Children have the same Personal Allowance as adults when it comes to income tax. In the tax year 2021/22 this is £12,570. As long as their annual income doesn’t exceed this, they won’t have to pay tax on any earnings from interest.
A Junior ISA can be a great way for your child to save. You’ll have to open it for them, but the money in the account will be theirs. They can withdraw it when they’re 18, but can manage the account when they’re 16.
In the tax year 2021/22, the tax-free Junior ISA Allowance is £9,000. This means they can put in £9,000 per year. They won’t pay any tax on the interest, so their savings can grow faster.
Your child can only have one Junior Cash ISA and one Junior Stocks and Shares ISA. Their allowance can all be used on one, or split between both.
The Junior ISA Allowance resets every tax year. You could add the maximum amount to the Junior ISA each tax year until your child turns 18, if you chose to do so.
Any adult can pay into a child's Junior ISA account if they have the correct account details. They’ll usually need the sort code, account number and reference number, if applicable.
These are the two types of Junior ISA. These are:
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. It’s riskier than a Junior Cash ISA but, if the risk pays off, your child could get a bigger profit.
The Junior ISA and Junior stocks and shares ISA can’t be closed until your child's 18th birthday. At that point, the account will transfer over to their name only and it will be rolled over into an adult ISA.
No. Money you put into a Junior ISA can’t be withdrawn until your child turns 18. The Junior ISA will then turn into an instant access ISA in your child's name.
Saving for your child in a child savings account can give them a good basis for their future. You could start saving when they’re young in case they want to learn to drive or go to university.
As they get a bit older, having a child savings account is a good way of helping to make your child aware of the importance of saving money. It can encourage good habits and develop better understanding of managing money.
It is tougher than ever to make money from your savings, but you could get a better return if you expand your search for interest. Here are your options.
Read MoreWhether you have a cash ISA or are thinking of getting one, you should consider if it's still a good place for your money. Here is how to work out if ISAs are still worth saving into.
Read MoreKnowing what to do with savings can be difficult, especially when rates are so low. Here is what you can do if you have money to invest.
Read MoreComparing savings accounts could save you money. Our multiple award-winning comparison service makes sure you get the lowest fees and rates possible based on your individual circumstances. Our aim is to provide you with the most up-to-date information, as well as useful tools and calculators so to help you make life's most important decisions and take control of your money.
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Last updated: 18 February, 2022
