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Children's Savings

Provider Rate Min/Max Deposit Opening Account Accessing Account Interest Options SG Verdict
Bath Building Society
1.80% £1 / £20,000

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Paid Away or Compounded
  • Paid 31st December

This account is available for children aged up to 18 years old.   An adult must operate the account for children under the age of 7 and at 18 the account will automatically transfer in to a standard instant access account.

Bath is one of the smallest building societies in the UK, looking after £225m of deposits.

Buckinghamshire Building Society
2.00% £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

Chorley Building Society
1.50% £1 / £25,000

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Paid 31st December
  • Added to the account

This account is available for children aged up to 16 years old. Children under 7 must have their account operated for them by an adult.  

Chorley was founded in 1859 and is one of the smallest building societies in the UK, looking after £235m of savings

Halifax
4.00% £10 / £100 per month

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Anniversary
  • Paid Annually
  • Paid Away

This has consistently been the best rate on a Children’s account since 2017.

Halifax is part of Lloyds Banking Group, the largest savings provider in the UK

Halifax
1.45% £1 / £5,000

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Anniversary
  • Paid Annually
  • Paid Away

Halifax is part of Lloyds Banking Group, the largest savings provider in the UK

HSBC
2.50% £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.    

Rate is reducing to 2.50% with effective from 17th June and to 0.25% for balances over £3,000.

Melton Buidling Society
2.43% (30 Day Notice) £5 / £5,000

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Paid Monthly
  • Paid Compounded

This account is only for UK resident individuals aged between birth and 16 years of age living in Leicestershire, Nottinghamshire, Lincolnshire or Rutland or to customers who have been members with the Society for 5 years or more.

Saffron Building Society
3.00% £5 / £100 per month

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Paid On Maturity

Excellent rate from Essex based Saffron. Children can be up to 15 years old but an adult signatory is required for children under 13.  

Scottish Building Society
1.70% £5 / £50 per month

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Paid Annually
  • Added to the account
  • Paid 31st March

This account has the advantage of allowing two free withdrawals per year.

Scottish Building Society is Scotland's only independent building society and started life in 1848.  They have branches in Edinburgh, Glasgow, Iverness, Troon and Galashiels and look after £380m of savings. 

Virgin Money
1.75% £1 / £25,000

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Paid Annually
  • Paid 31st July

Competitive rate for an account without restrictions.

Virgin Money is the brand name of the Clydesdale & Yorkshire Bank Group, following their £1.7bn takeover of Virgin Money.  The combined banking group looks after £58.7bn of savings.

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