Children's Savings

Provider Rate Min/Max Deposit Opening Account Accessing Account Interest Options SG Verdict
Halifax
4.50% £10/£100 per month

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Anniversary
  • Paid Annually
  • Paid Away

The best rate on a Children’s account for 2017 from Halifax, part of Lloyds Banking Group.    

Harpenden Building Society
2.21% £1 / no maximum

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Paid Away or Compounded

This account cannot be access until the child is 18 so will only appeal to those who don’t need access.  The rate is variable so could reduce.    

HSBC
3.00% £10 / no maximum

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Paid Away or Compounded
  • Paid Monthly

Very competitive rate for children. Does require a branch visit to set up but after that, a debit card is provided as well as the ability to manage online, in branch and via HSBC’s mobile app.    

Kent Reliance
3.00% £25 Minimum opening deposit
£1 / £250 per month

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Paid On Maturity

Kent Reliance are part of One Savings Group and operate 9 branches in Kent and the South East 

Nationwide
2.50% £1 / £50,000

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Paid Away or Compounded
  • Paid Annually

The online application may make this attractive for some savers but the ability to make only one withdrawal or see the rate drop to 0.25% will deter those who might want access.    

Saffron Building Society
4.00% £5 / £100 per month

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Paid On Maturity

Excellent rate from Essex based Saffron. Available up to 15 years old but must be opened in trust for under 7s.    

The Family Building Society
2.25% £3,000 / £25,000

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Anniversary
  • Paid Compounded
 

The account is opened and operated on behalf of a child by a person with parental responsibility but from the age of eight a child can open and operate their own account

The rate is variable so could reduce.

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We help savers get the best deal for their money by providing unique insight in to the savings market.  We help prospective banks apply for a banking licence and we help build customer services, products and marketing for them.  We also work with existing banks and building societies to improve their savings propositions.  This  insider view of savings means we are uniquely placed to help savers.

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