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Children's Savings

Provider Rate Min/Max Deposit Opening Account Accessing Account Interest Options SG Verdict
Buckinghamshire Building Society
2.25% £100 / £50,000

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Paid Annually
  • Paid 31st December
  • Paid Compounded

This account is available to anyone up to age 16.  The account can be operated by the child alone if over 7 but under  7 must be operated by an adult.  

100 day’s notice is required for access although immediate access can be granted with 100 days penalty interest

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.    

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.    

Nationwide
2.50% (New Members)
3.00% (Existing Members)
£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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