Children's current account. Can be opened by or on behalf of any child up to the age of 17. 1% interest on the entire balance once the balance up to £999.99. 2.00% AER/1.98% gross (variable) on the entire balance once the balance is £1,000 to £1,499.99. 3.00% AER/2.96% gross (variable) on the entire balance once the balance is £1,500 to £2,000. Debit or cash card available for those aged between 13 and 17. Monthly interest. No monthly fee. For children under age 13, the account must be opened in trust and managed by an adult (trustee) T&C's apply. If you’re aged between 13 and 17 years old and live permanently in the UK you can apply online by telephone or in branch. No overdraft facility
Children’s pre-paid debit card account. Can be opened on behalf of any child from the age of 6 to 18. With the GoHenry prepaid debit card and app, kids learn how to budget—and grow to understand the difference between wants and needs by spending wisely. Parents can help guide their progress with real-time updates, customisable controls and more. Kids and teens can gain skills in the app, learning about investing, credit and more. Then apply their knowledge with their real money. Now with new lessons for kids aged 12+. 92% of parents say their kids are more money confident since joining GoHenry. Choose from 45+ card designs—and personalise it with your child’s first name, too. Covered by your account’s FSCS protection up to £85,000. 30 days free, then £2.99/month. No overdraft facility
Children's bank account. Can be opened on behalf of any child from the age of 7 to 17. Debit card available for the child. Children can choose their own Junior card from a colourful range, guaranteed to make them smile. Get instant alerts on their spending and set custom controls for their online and contactless payments with a tap. With your help, children can learn things like saving up their allowance, understanding analytics and budgeting for treats. Unlock more Junior features when you upgrade to a paid plan. Discover awesome features like Tasks and Goals. Set motivating chores and reward them when they’re completed, or digitise their piggy bank. 4 types of monthly plan available ranging from zero to £12.99 depending on functionality and interest earned. No overdraft facility
Shepherds Junior ISA lets you save regularly to offer your child a head start in life. You can save up to £9,000 a year TAX-EFFICIENTLY if your child is aged under 18 and does not already have a Child Trust Fund in their name. You can invest from just £10 a month and can pay in lump sums from a minimum of £100 initially and £10 at a time thereafter. Apply for a Shepherds Friendly plan online and get a Love2Shop voucher code worth up to £50* once you’ve made your first payment into the plan
Details
Account Type
Junior ISA
Maximum Age
18
UK Resident
Yes
Disclaimer: Stocks and Shares Junior ISAs offer the potential for higher returns than Cash Junior ISAs, particularly if you choose to invest for the long-term. However, you do need to know that, as the underlying value of your child’s investment is linked to the fluctuations of the stock market; although the value cannot fall there is no guarantee that bonuses will be added each year.
Includes a Unitised With-Profits fund that comes with a guaranteed minimum payout when the child turns 18, provided no switches or withdrawals are made. Welcome Gift: After you start investing Scottish Friendly will pay £50 into the Junior ISA for your child
Why we like it
Take your pick from 9 funds with different levels of risk and reward to create your very own investment strategy for your child. Winner of Best Junior ISA Provider 2024 for the 6th year running at the Investment Life and Pensions Moneyfacts Awards. Capital at Risk
Details
Account Type
Junior ISA
Maximum Age
18
UK Resident
Yes
Disclaimer: The value of your investments can fall as well as rise, so your child could get back less than you paid in.
Junior ISA
Investment LinkedChoice of two funds: one for more cautious or one for more adventurous long-term investors
Open from£10
TermNo fixed term
Junior ISAOneFamily
Open from£10
TermNo fixed term
Investment LinkedChoice of two funds: one for more cautious or one for more adventurous long-term investors
Invest up to £9,000 per year (current tax year limit). Also available for zero fee Junior ISA transfer held elsewhere, or child trust fund transfer. Simple choice of two funds: one for more cautious investors and one for those who are comfortable taking more risk. Manage your junior ISA 24/7 with their simple online account. OneFamily is an award-winning investment provider with over 45 years’ experience in helping families make the most of their money. OneFamily is owned by members for members, which means they don’t have shareholders to pay – so they can reinvest profits for good. To open a One Family JISA, the child must be under the age of 16 and funds cannot be withdrawn until the child turns 18. Annual Management Charge of 1.5%. OneFamily’s Junior ISA is a stocks and shares junior ISA. That means the money that you pay in goes into a fund that’s invested in the stock market. This gives your money good potential to outgrow interest rates, but there is a risk that its value could go down, which would mean your child getting back less than has been paid in. Capital at risk.
Details
Account Type
Junior ISA
Maximum Age
UK Resident
Disclaimer: Stocks and Shares Junior ISAs offer the potential for higher returns than Cash Junior ISAs, particularly if you choose to invest for the long-term. However, you do need to know that, as the underlying value of your child’s investment is linked to the fluctuations of the stock market; although the value cannot fall there is no guarantee that bonuses will be added each year.
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 bank 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
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.
