There are a number of factors to consider before deciding which savings account to choose for your child.

How often do you want to save?

You’ll need to decide how much money you want to put into the account. You can open all our children’s savings accounts with just £1.

How much access do you want?

You’ll also need to decide how much access you want to the savings account. Our Young Savers’ Club account offers instant access to your savings, withdrawals are not allowed before the child is 18 years old with our Junior ISA.

Can a grandparent open a savings account for a child?

Yes, however you'll only be able to open a Junior ISA if you are the child's guardian or if you have parental responsibility of the child.

Will the account be in the child’s name?

Yes, any children’s savings accounts opened with us will be in the name of the child. If you do want to open the account in your name, you can be jointly named on the Young Savers Club.

Children have the same personal savings allowance as an adult which means that they can earn £1,000 in savings interest tax-free.

Who can withdraw money from the child’s account?

With the Young Savers’ Club, a parent or guardian will have to accompany the child to withdraw money if they’re under 7 years old or if they’re aged 7-10 and want to take out more than £5 or aged 11-16 and want to take out £250 or more.

Please note no withdrawals can be made from our Junior ISA until the child is 18 years old. Once the young person reaches their 18th birthday, the adult's name will be removed from the account.