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.
The Best Savings Account for your child will be dependant on how you want to save for your child, and how much interest you want to earn.
1. Children's Savings Accounts
Most banks and building societies offer children's savings accounts, however many of them pay very low rates of interest. If you want security but are not too concerned about growing capital, then there are no shortage of options. Yet, with many accounts paying less than inflation, it will lose value.
Savings accounts for children provide a good way for children to learn how to manage money and help them get into the savings habit. They might also recieve additional incentives from providers including gifts with the account such as piggy-banks or calculators.
2. Children's ISAs or Junior ISAs
A child qualifies for a Children's ISA, or Junior ISA, if they are under 18 and live in the UK. If you want to open a Junior ISA for your child, most ISA providers will give you this option. However, under current HMRC rules, you cannot have a Junior ISA and a Child Trust Fund.
Junior Cash ISA - Junior Cash ISAs work in a similar way to savings accounts. The exception being that the interest is tax free and your child cannot access the money until he or she is aged 18.
Junior Stocks and Shares ISA - With a Junior Stocks and shares ISA you can invest in shares, bonds and other eligible investments on behalf of your child. The value of these investments can go down as well as up.
