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Top children's savings accounts
Teach your kids to save at up to 5.8% interest
Some children's savings accounts offer comparable or even better rates than adult accounts. But many kids have cash in accounts that pay next to nothing in interest, depriving them not only of the cash that generates, but also of the lesson that you can make your money work for you. We've top pick accounts for kids below...
We've a couple of guides to help you save in the best place for your child, so before you read on, check you're in the right place...
'Normal' kids' savings

This guide is the right place to find out about children's savings and top rates. Most of these give you instant access to your money.

These let you save or invest up to £9,000 each tax year, with the cash locked away until the child turns 18.
Tips on teaching kids to save and other need-to-knows
The simple money lesson for younger children is obvious – put your cash in the bank and it'll grow. But as they get older there's another lesson to be learned – a bank's job is to make money from you, our job is to try to keep our cash.
So here are some top tips for helping kids learn and understand about saving, plus everything else you need to know about kids' savings.
Rather watch than read? Martin Lewis explains children's savings accounts
The clip below lasts four minutes and 19 seconds and has been taken from The Martin Lewis Money Show, broadcast on 17 December 2020, courtesy of ITV Studios Ltd, all rights reserved. You can turn on subtitles by selecting the closed captions icon at the bottom right of the video.
Just bear in mind that the savings rates mentioned are subject to change – check the tables below for the most up-to-date rates.
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Top children's easy-access accounts
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Kids' easy-access accounts – what we'd go for
Easy-access accounts are best for saving bigger sums – though the best rates here are mainly on kids' current accounts.
The top interest rate on one of these is 5% from HSBC, although this rate applies only to balances of up to £3,000. It can be opened online if the parent/guardian of the account holder is an HSBC customer, otherwise you must go into a branch.
For an account anyone can open online, Halifax pays 3.4% on up to £5,000.
Account and interest rate (AER variable) | Gives debit card? | Min/max age and how to open |
5% on £10 to £3,000 |
Yes |
7-17: Apply in branch or can open online if parent/guardian has an HSBC current account |
Yorkshire BS One Day 4.55% on £10 to £1m |
No | 0-21: Apply in branch or by post |
Earl Shilton BS Foundation Account
4.45% on £250 to £10,000 (max three withdrawals a year) |
No | 0-17: Apply in branch or by post |
Kent Reliance Demelza 4.3% on £10 to £25,000 |
No | 0-17: Apply in branch or by post |
Leeds BS Ronnie the Rhino Youngsaver
4.25% on £10 to £1m |
No | 0-17: Apply in branch or by post |
Top online accounts. Lower rates than above, but all can open online. | ||
3.4% on £1 to £5,000 |
No | 0-15: Apply online or in branch. Up to two accounts per child permitted. |
1% if you've £1 to £999.99 2% if you've £1,000 to £1,499.99 3% if you've £1,500 to £2,000 0% above £2,000 |
Yes |
13-17: Must apply online |
(1) Parents with a Halifax current account can use online banking to transfer between the child's account and theirs, which then makes withdrawals from the parent's account possible at an ATM.
Want to know how much you'll earn in easy-access savings? Find out with our Savings Calculator. Simply plug in the rate, how much you'll save and how long for and it'll tell you how much you'll earn.
Top kids' regular savings accounts
These accounts let you save small amounts each month, usually for a fixed term of a year. They often pay high rates of interest, but tend to have withdrawal restrictions. For a more detailed explanation of how the interest works and the pros and cons, read our full adults' Regular savings guide. Or take a look at the top payers below.
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Kids' regular savers – what we'd go for
These accounts let you save smaller amounts every month. There are a few top picks – and which is best for you depends on how you want to open the account, and whether you need access to the money.
Saffron BS pays the top rate of 5.8%, it offers unlimited withdrawals but can only be opened via post or in branch. Halifax pays only slightly lower at 5.5% and allows you to open the account online, though you can't make withdrawals. Both accounts let you deposit a maximum of £100 per month.
Provider | Interest rate (AER) | Min/max monthly deposit (all accounts let you skip months with no penalty) | Min/max age to open | How to open | Withdrawals allowed? |
Saffron BS | 5.8% variable | £5/£100 | 0/17 | Post/ branch | Yes |
Halifax | 5.5% fixed for a year | £10/£100 | 0/15 | Online/ branch | No, but can close early without penalty |
Want to know how much you'll earn in regular savings? Find out with our Savings Calculator. Simply plug in the rate, how much you'll save and how long for and it'll tell you how much you'll earn.
Top kids' fixed-term savings account
These account offer a guaranteed rate, though you'll need to lock away your cash until the fixed-term ends – so you won't have access.
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Kids' fixed-term savings – what we'd go for
There's currently only two kids' fixed-term accounts – Saffron Building Society offers a two-year fix at 5.6%, while Cambridge Building Society offers a lower 4.5% for three years.
Both have low maximum deposit limits, meaning your interest will be limited. Yet, the rates are fixed, which is good if you're looking for certainty, as your returns are guaranteed.
Provider | Interest rate (AER) | Min/max deposit | Min/max age to open | How to open |
Saffron BS | 5.6% fixed for two years | £500/ £25,000 | 0/16 | Post/ branch |
Cambridge BS | 4.5% fixed for three years | £1,000/ £20,000 | 0/15 | Post/ branch |
Want to know how much you'll earn in fixed-term savings? Find out with our Savings Calculator. Simply plug in the rate, how much you'll save and how long for and it'll tell you how much you'll earn.
Children's savings FAQ
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