No notice period. Interest paid monthly or annually. Apply in minutes. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the FSCS
Instant access to your savings. Unlimited deposits and withdrawals. Interest paid monthly, either to a linked current account, or adding it to your Online Flexi Saver account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Must have a linked UK current account. Your eligible deposits with Investec Bank are protected up to a total of £85,000 by the FSCS
Save from £1. Unlimited payments and withdrawals. Interest paid annually. Open in a single or a joint name. Maximum deposit £500,000. Open and manage account online. FSCS Protected. Must be UK resident. Must be aged 16 or older
Choose monthly or annual interest payments. Unlimited deposits and withdrawals. 24/7 access to your savings. Open and manage online. After 12 months the rate will revert to the underlying rate, currently 1.45% gross/AER variable. Post Office Online Saver is provided by Bank of Ireland UK. FSCS protected
Unlimited withdrawals subject to 95 days notice. No notice period. Interest paid monthly or annually. Apply in minutes. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the FSCS
The interest rate tracks the Bank of England (BoE) Base Rate. Interest is calculated on the minimum daily balance and applied to the account on the first day of every subsequent month. Open and manage account online. Your eligible deposits are protected up to £85,000 by the FSCS. The maximum deposit you may pay into any one OakNorth Account is £500,000. The maximum amount (excluding the interest) that you will be allowed to hold on deposit with OakNorth Bank across multiple accounts is also £500,000. Unlimited withdrawals, subject to 95 days notice. Available to individuals only
Unlimited deposits and withdrawals. Interest paid monthly: can be added to your Notice Saver or paid to your linked account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Withdrawals subject to 90 days notice. Must have a linked UK current account
All funds deposited into the RCI Bank E-Volve Savings 14 Day Notice Account will be used to fund pure electric vehicles and charging facilities. Interest paid monthly or annually. Manage account online. UK-based support, seven days a week. Unlimited withdrawals subject to 14 days notice. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the FSCS
3 penalty-free withdrawals in a 12 month period. 4.72% AER/4.62% gross (3.82% AER/3.75% gross + 0.90% AER/0.87% gross 12-month boost). Interest paid monthly. Deposit and withdraw almost instantly. No fees or charges for holding account. FSCS eligible on your deposits. 3.62% AER/3.55% gross if 4 or more withdrawals are made within 12 months (on boosted rate). 2.72% AER/ 2.68% gross if 4 or more withdrawals are made within 12 months (without 12 month boost). Must be UK resident. Must be aged 18 or older
With a range of high interest current accounts for children to choose from, it’s more important than ever to shop around for the best deal.
While children’s account do not benefit from switching rewards, there are certainly some attractive rates of interest to choose from that provide a great way for children to learn about managing money and watching it grow.
While most banks will offer an under-18 account, some offer specific accounts with great incentives for children and young people.
Here are a selection of the best current accounts for children:
Santander 123 Mini
The 123 Mini Current Account is designed to provide a safe environment to learn money management and take the first steps towards financial responsibility for those aged between 11 and 18. Santander currently pays one of the highest rates of interest for children and pays it on balances of £300 up to a maximum of £2000.
Account holders also receive:
24/7 access to their account via Online, Mobile and Telephone Banking or in branch
Free text and email alerts about their account.
The choice of a cash card or a Visa debit card
Halifax ExpressCash and CardCash
Halifax offer two children’s accounts, ExpressCash (11-15) and CardCash (16-17 years). They offer the same perks but ExpressCash offers an extra tailored security and financial education program, available as part of the Online Banking experience (in association with Childnet and the Money Advice Service). This is a great tool to teach young children about savings, investments and the value of money.
They will also receive:
A Visa Debit card (accepted worldwide wherever you see the Visa Debit sign)
Access to Online Banking and Mobile Banking
Access to thousands of cash machines
Use cash machines to withdraw of up to £500 per day, mini statements, check your balance, pay your bills and top up your mobile.
Credit interest on your account on any credit balance.
Access to sending and receiving payments with Pay a Contact
BarclayPlus
The Barclay Bank account is for children aged 11-15 and only requires a deposit of £1 to open the account.
Children receive all the benefits of a current account, including:
A debit card
Access to online, Mobile and in branch banking
Cash withdrawals of up to £500 a day.
However, this account has a lower rate of interest than some others on offer.
Lloyds Under 19s
Lloyds offer an account for ages 11-19 and offer a good rate of interest to its customers on balances up to £2,500 (paid quarterly).
Choose between a Lloyds Bank Visa debit card to withdraw cash and pay for things in shops and online, or a Cashpoint® card which is only for taking out money at cash machines.
Competitive interest
Manage your money scheme - Internet Banking, Telephone Banking, Mobile Banking, in-branch, and also get free Text Alerts.
HSBC MySaving
This account pays currently pays the highest rate of interest after Santander and is ideal if your child is younger, as their account serves children from 7-17. Although under 16s will need a parent or guardian with them. However, you only get the top rate on the first £3,000 in the account, so if your child saves a lot then it may be worth looking at other options.
Useful to Know
While the child is under 11, the adult trustee's permission is needed to withdraw £50 or more.
Once the child reaches 11, they get a MyAccount, which comes with a Visa debit card.
These current accounts are great options for young savers who also need access to a regular account which they are able to draw out of, make payment and receive wages in to.
Some of the higher rates of interest are actually better than many ISAs or savings accounts for children so it’s worth considering the current account as a great way to save for your child.
