• >
  • Savings>
  • Children's savings accounts

Compare Our Best Children's Savings Accounts

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.

134 results found, sorted by highest interest rate. How we order our comparisons. Commission earned affects the table's sort order.
Sort

Dudley Building Society Junior Easy Saver
Account type
Regular saver
Open with
£10 to £150
Interest rate
3.5% AER variable
Protection scheme
FSCS
Withdrawal conditions apply.
Rate Tiers
Gross rateGross rateAER rateAER rate
Excluding bonusIncluding bonusExcluding bonusIncluding bonus
£103.5%3.5%3.5%3.5%
Eligibility
Maximum Age15 years
Maximum Initial Deposit£1,800
Minimum Initial Deposit£10
Permanent UK Resident
Saffron Building Society Children's Regular Saver (Issue 2)
Account type
Regular saver
Open with
£5 to £100
Interest rate
3.02% AER fixed for 1 year
Protection scheme
FSCS
Rate Tiers
Gross rateGross rateAER rateAER rate
Excluding bonusIncluding bonusExcluding bonusIncluding bonus
£53%3%3.02%3.02%
Eligibility
Maximum Age15 years
Maximum Initial Deposit£1,200
Minimum Initial Deposit£5
Permanent UK Resident
Loughborough Junior ISA
Account type
Junior Cash ISA
Open with
£1
Interest rate
2.5% AER variable
Protection scheme
FSCS
Withdrawal conditions apply.
Rate Tiers
Gross rateGross rateAER rateAER rate
Excluding bonusIncluding bonusExcluding bonusIncluding bonus
£12.5%2.5%2.5%2.5%
Eligibility
Maximum Age17 years
Minimum Initial Deposit£1
Minimum Monthly Investment£1
Permanent UK Resident
Darlington Building Society Junior Cash ISA (2)
Account type
Junior Cash ISA
Open with
£1
Interest rate
2.5% AER variable
Protection scheme
FSCS
Withdrawal conditions apply.
Rate Tiers
Gross rateGross rateAER rateAER rate
Excluding bonusIncluding bonusExcluding bonusIncluding bonus
£12.5%2.5%2.5%2.5%
Eligibility
Maximum Age17 years
Minimum Initial Deposit£1
Minimum Monthly Investment£1
Permanent UK Resident
Bath Building Society Junior Cash ISA
Account type
Junior Cash ISA
Open with
£1
Interest rate
2.5% AER variable
Protection scheme
FSCS
Withdrawal conditions apply.
Rate Tiers
Gross rateGross rateAER rateAER rate
Excluding bonusIncluding bonusExcluding bonusIncluding bonus
£12.5%2.5%2.5%2.5%
Eligibility
Maximum Age17 years
Minimum Initial Deposit£1
Minimum Monthly Investment£1
Permanent UK Resident
Halifax Kid's Monthly Saver
Account type
Regular saver
Open with
£10 to £100
Interest rate
2.5% AER fixed for 1 year
Protection scheme
FSCS
Withdrawal conditions apply.
Rate Tiers
Gross rateGross rateAER rateAER rate
Excluding bonusIncluding bonusExcluding bonusIncluding bonus
£102.5%2.5%2.5%2.5%
Eligibility
Maximum Age15 years
Maximum Initial Deposit£1,200
Minimum Initial Deposit£10
Permanent UK Resident
Principality Building Society 3 Year Dylan's Children's Regular Saver Bond Iss 8
Account type
Regular saver
Open with
£10 to £150
Interest rate
2.5% AER fixed for 3 years
Protection scheme
FSCS
Withdrawal conditions apply.
Rate Tiers
Gross rateGross rateAER rateAER rate
Excluding bonusIncluding bonusExcluding bonusIncluding bonus
£102.5%2.5%2.5%2.5%
Eligibility
Maximum Age17 years
Maximum Initial Deposit£5,400
Minimum Initial Deposit£10
Permanent UK Resident
HSBC Premier MySavings Ex/C
Account type
Instant access
Open with
£10
Interest rate
2.5% AER variable on £10 to £2,999
Protection scheme
FSCS
This product is only available to children whose parent or guardian are existing customers. The interest rate you receive will vary based on your account balance.
Rate Tiers
Gross rateGross rateAER rateAER rate
Excluding bonusIncluding bonusExcluding bonusIncluding bonus
£102.47%2.47%2.5%2.5%
£3,0000.25%0.25%0.25%0.25%
Eligibility
Maximum Age17 years
Maximum Initial DepositUnlimited
Minimum Initial Deposit£10
Minimum Age7 years
Permanent UK Resident
The West Brom Fixed Rate Regular Saver Issue 4
Account type
Regular saver
Open with
£10 to £75
Interest rate
2.5% AER fixed for 1 year
Protection scheme
FSCS
Available in branch only. Withdrawal conditions apply.
Rate Tiers
Gross rateGross rateAER rateAER rate
Excluding bonusIncluding bonusExcluding bonusIncluding bonus
£102.5%2.5%2.5%2.5%
Eligibility
Maximum Age15 years
Maximum Initial Deposit£900
Minimum Initial Deposit£10
Permanent UK Resident
HSBC MySavings
Account type
Instant access
Open with
£10
Interest rate
2.5% AER variable on £10 to £2,999
Protection scheme
FSCS
The interest rate you receive will vary based on your account balance.
Rate Tiers
Gross rateGross rateAER rateAER rate
Excluding bonusIncluding bonusExcluding bonusIncluding bonus
£102.47%2.47%2.5%2.5%
£3,0000.25%0.25%0.25%0.25%
Eligibility
Maximum Age17 years
Maximum Initial DepositUnlimited
Minimum Initial Deposit£10
Minimum Age7 years
Permanent UK Resident

Last updated: 6 April, 2021

What is a children’s savings account?

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.

What’s the best children's savings account?

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.

Learn more about saving for your child here.

Who can open a child savings account?

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.

I’m struggling to choose the best child savings account because there are several different types. What are they?

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.

Here’s more information on children's accounts.

How do children’s savings accounts work?

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.

Do children pay tax on earnings from interest?

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.

How do ISAs for children work?

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.

What’s the difference between a Junior Cash ISA and a Junior Stocks and Shares ISA?

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.

Can you withdraw money from a Junior 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.

Find out more about Junior ISAs here.

Why is it a good idea to get my child a children’s savings account?

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.

Children's account FAQs

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.

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.

Yes, with the exception of a few accounts like Junior ISAs which require a parent or legal guardian to open.

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.

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

Our comparison tables include providers we have commercial arrangements with. The number of listings in our tables can vary depending on the terms of those arrangements, as well as other market developments. They are all from lenders regulated by the Financial Conduct Authority (FCA).

Here is more information about how our website works.

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.

Explore savings guides

See more guides

Can you still get a decent return on your savings?

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 More

Are ISAs still worth it?

Whether 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 More
Stacks of coins representing savings

What's the best place for your money?

Knowing 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 More

Why compare savings accounts deals with money.co.uk?

Comparing 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.

Proud to be award winning

We have always aimed to provide the best possible services to bridge the gap between our users and our clients. Over the years, we have been thrilled to be recognised by various prestigious bodies and organisations for those efforts.