Best Children’s Savings Accounts UK: Expert Review

We all want the best for our children, and that includes their financial security. However, it can be a tricky task selecting the best children’s savings accounts when there are so many to choose from.

Is it best to lock away their savings in a long-term junior ISA? Or should you permit your child regular access to their money? And just how old does a child have to be to open an account? We’ve looked into all of these questions and more, including top interest rates and ease of use, so that you can make the best choice for you and your child. Read on for the best children’s savings accounts in the UK in 2025.

Below, you’ll find our top picks for the best children’s savings accounts in the UK, allowing you to compare and select based on which meets your and your child’s requirements.

Our expert score: 4.8

Pros

Cons

With this easy access account from HSBC, you can start saving with a deposit of as little as £10. Children must be between 7 and 17 to be eligible, and adults with an existing HSBC account can apply online. Those who don't already bank with HSBC will need to apply in-branch.

Account holders can make as many fee-free withdrawals as they like without providing any notice. Children under 11 will get a cashbook, which allows them to pay in and take money out. They'll need their parent or guardian's signature to withdraw more than £50. You'll get 5% AER on balances of up to £3,000, though this drops to 1.75% for anything over that.

Why buy? Expert verdict

Account holders over the age of 11 will be given their own debit card and have access to online and mobile banking, making this an excellent option for a first-time bank account.

✍️ Have you used the HSBC MySavings account? Share a rating and review for HSBC on Review Centre, and check out what others have to say.

Our expert score: 4.7

Pros

Cons

At the time of writing, Nationwide’s 5% interest on up to £5,000 was among the highest. However, as with all variable rates, this can change any time. The account can be managed online and in-branch, though children aged 11-17 must already have a FlexOne bank account to qualify. Applicants under 13 must open the account in-branch accompanied by a parent or guardian.

No interest will be earned on any amount over £5,000, but account holders can withdraw funds at any time without notice or penalties incurred. As it’s linked to an existing FlexOne bank account, the saver account doesn’t come with a card or passbook.

Why buy? Expert verdict

For those aiming to top up their savings with regular amounts but still needing easy access, Nationwide’s Flex One Saver offers the highest saving amount (£5,000) and the flexibility of fee-free withdrawals.

Our expert score: 4.6

Pros

Cons

You'll get a market-leading 5.5% rate fixed for 12 months from this Halifax account, making it the best children’s savings account for interest at the time of writing.

Designed for adults intending to put money away for a child 15 or under, account holders will need to set up a standing order between £1 and £100 per month. Note that this amount can be changed anytime while you hold the account. You're not obliged to pay in every month, and you can also top up your savings by bank transfer, provided you don't exceed the monthly limit of £100.

Money can't be withdrawn unless the account is closed. After a year, Halifax will automatically transfer any money saved plus interest into a Kids Saver account that the bank will open as part of the original application.

Why buy? Expert verdict

Although its 12-month limit means this isn’t the best long-term savings account for children, it’s the best for high interest at the time of writing, and Halifax guarantees a year-long fix.

Our expert score: 4.5

Pros

Cons

If you’re weighing up a cash ISA vs. savings account, this option from Coventry Building Society offers the best junior ISA rate at the time of writing. You’ll get a rate of 4.25%, and, as it's an ISA, all interest earned is tax-free. You'll be able to save up to £9,000 for the tax year, outstripping the top earning amounts of the regular children's savings accounts on this list.

To counter-balance that, all funds are locked in until the child turns 18. The rate is also variable, meaning it’s liable to change over time.

Children who are 16 or 17 can open an account on their own; otherwise, they'll need a parent or guardian to do so. No matter who opens the account, the money belongs to the named child. Applications are accepted by post or in-branch.

Why buy? Expert verdict

For a long-term junior ISA option that will accrue interest until the child is 18, Coventry Building Society currently offers the best rate around. It’s also the best savings account for child trust funds that no longer provide competitive rates and should be switched to ISAs.

Our expert score: 4.4

Pros

Cons

If you’re after the best fixed-rate children’s savings account, you might want to consider this children's bond from Saffron Building Society. Your child must be aged 16 or under and a UK resident to qualify, and you must commit to saving between £500 and £25,000.

You'll need to decide how much to save from day one, as funds can't be added after the account has been opened. Withdrawals and closures aren’t permitted within the two-year term other than for exceptional circumstances.

In return, you'll enjoy a fixed 4.25% rate for two years, which the bank commits to honouring until the end of the term.

There are only 8 Saffron branches in the UK (all in the east of England), but you can open this account by post. Saffron also offers phone and web chat options for managing the account.

Why buy? Expert verdict

If you’re happy to squirrel away savings for your child for two years, you’ll enjoy a top fixed rate from Saffron Building Society.

Choosing the best option for your child will depend on your financial situation and preferences. Typically, you'll find the following types of children's savings accounts on offer:

Easy access accounts

These offer fee-free access to your child's money at any time. You won't be penalised for withdrawing money, and it provides flexibility compared to locked fixed-rate accounts that often require notice. These accounts tend to offer variable rates.

Fixed-rate accounts

As the name suggests, these accounts offer a fixed interest rate for a predetermined term. This means the bank can't reduce the rate of interest offered, provided you adhere to its requirements. Withdrawing funds before the term ends is, therefore, usually trickier, with savings either locked away for the entire time or requiring a notice period for withdrawal.

Regular savings account

Designed to encourage consistent deposits into the account, these accounts may demand regular monthly deposits via a standing order. Restrictions on withdrawals may be imposed, but in return, account holders can expect a higher interest rate.

Junior ISAs

An ISA, aka Individual Savings Account, offers tax-free savings up to a specific limit each tax year. At the time of writing, the current junior ISA allowance is £9,000 per year. Designed to help them save for the future, these funds are locked until the child turns 18.

Selecting a savings account that suits you and your child will depend on several factors:

Access to funds

If your child is likely to want regular access to their money, then you'll be best served with an easy access account. The best accounts will offer a balance between penalty-free withdrawals and a good interest rate.

Saving habits

Some regular savings accounts require a monthly deposit to maintain the interest rate. These don’t need to be significant sums of money and can instil the importance of regular saving habits in your child.

Interest rates

If your main focus is on high interest rates that make the most from your money, then you'll need to be prepared to lock away savings for a set term. These fixed-rate accounts typically offer the highest interest rate but incur penalties if you wish to withdraw any amount before the allotted time.

Tax considerations

Children don’t usually pay tax on savings accounts in the UK because, like adults, they have their own personal tax allowance. However, should they be earning over the tax-free threshold, investing in a junior cash ISA is a guaranteed way to avoid paying tax on their savings.

Before you make your informed decision on which children's savings account to opt for, it's worth understanding the process of how they work.

Opening a children's savings account

Some accounts allow children aged 16 and older to open their own accounts. However, in most cases, it will be the responsibility of the parent or guardian to open an account on behalf of their children.

The bank will check that your child is eligible, confirming both age requirements and residency status. They'll also need to see proof of identity. Depending on the bank, you may need to visit the branch in person, though some permit online applications. Once everything is processed, the final step involves an initial minimum deposit to activate the account.

Managing a children's savings account

Although a parent or guardian will usually need to be involved in opening the account, managing the account is often a different story. Children can generally manage their own accounts, either through online apps or passbooks.

The UK is brimming with banks and building societies that offer competitive children's accounts. These include large banks like HSBC, Halifax, Bank of Scotland, and Natwest.

Nationwide Building Society also offers a top savings account that makes our list, while smaller building societies sometimes provide accounts that occasionally beat the rates of the bigger banks. Just be wary that some applications can only be done in-branch, which can prove a tricky geographical hurdle for smaller regional building societies.

Selecting the best children’s savings account for you and your child will depend on your financial goals, accessibility needs, and short and long-term plans. Here are the key factors to consider:

How much is being saved

Having a rough idea of how much you intend to save for your child will help you narrow down the right account. If you plan on saving little and often, a regular savings account with a monthly standing order might be your best bet. However, if you’re looking to accrue interest on a large lump sum where the savings are locked in, a fixed-rate account or ISA might be a better fit.

Your initial deposit

Linked to the above, children’s savings accounts usually have initial minimum deposits before activation. This can be as little as £1. However, in some cases, like the Saffron Building Society Two Year Fixed Rate Children’s Bond, you need a minimum of £500 in the account to qualify for the fixed rate.

Interest rates

Interest rates vary by bank account, and while you’ll naturally gravitate to those that offer the highest rate, it’s important to note other factors that may be attached to this. Typically, accounts providing the top rates will require your child’s savings to be inaccessible for an agreed term.

Regular access to the funds

If your child is likely to require regular access to their savings, you’ll need an easy access account. This ensures there are no penalties incurred or notice required for withdrawing money. The drawback is that the interest rates are usually lower than those offered by accounts where money will be locked in until the end of the account’s term or until the child turns 18.

Opening and managing the account

Although regional building societies offer some of the best accounts on the market, they often require an in-branch visit to open an account. This may not be practical for some. Instead, you may prefer an account that can be opened online. Another factor to consider is how you or your child can manage the account. Your child may be more at ease managing via a smartphone app rather than using a passbook.

To whittle down our selection of the top 5 children's savings accounts, we researched over a dozen leading providers, reviewing the following factors:

Type of account: We looked into a variety of accounts offered for children’s savings, from fixed rate and junior ISAs to easy access and regular savings accounts.

Eligibility: We researched eligibility terms for each account, noting any minimum and maximum ages for opening an account and whether the child could open it themselves.

Minimum deposits: For each account, we noted the minimum deposit required to activate the account, along with any further obligations to maintain the interest rate.

Withdrawal restrictions: We factored in any penalties or notice required for withdrawing money from each account, highlighting those offering fee-free easy access.

Interest rate: We considered all interest rates on offer and outlined any terms required to qualify.

Ease of use: We looked into the application process for opening each account, noting where in-branch visits were required. We also noted if accounts could be managed via an app.

It depends on the account and the bank, but grandparents can usually open a general savings account for their grandchildren. They'll still need to provide proof of the child's identity (such as a birth certificate) and their own form of ID. It’s important to note that while grandparents can contribute to a junior ISA, only the child's parent or legal guardian can open the account.

This depends on the account. Most children's accounts automatically convert into an adult savings account when the child turns 18. However, be aware that the interest rate may also change. Junior cash ISAs will automatically convert into an adult ISA when the child turns 18, granting them full control.

Yes, typically, you can transfer funds from a standard savings account to a new account with a higher interest rate. For fixed-rate accounts with an agreed duration, you'll need to wait until the term is complete before switching; otherwise, you risk incurring penalties. For Junior ISAs, you can transfer between providers.

Our review of the best children's savings accounts should give you the full picture of which best suits you and your child. Whether you’re prioritising top rates that will lock away funds until your child becomes an adult or you're after small but regular savings that can be accessed when required, you’re in the right place to make your choice.

If you take your time to weigh the pros and cons of each, you can secure your child's financial future. They may not thank you now, but they will one day!