Children's Savings

Progressive Building Society Children's Instant Access Account Review

A children's savings account from Progressive Building Society. It ranks 41st of 74 children's savings accounts we track.

Variable rate

2.75%AER

Account type
Easy access
Maximum age
17
Rate checked Oct 2026Got this account? Leave a review

Protection

FSCS£120,000

Min balance

£1

Max balance

No limit

Access

Instant

Interest paid

Yearly

How It Stacks Up

Ranks 41st of 74

Children's savings accounts we track

Below average
This account 2.75%
UK CPI (Aug 2026)
3.10%
Pays 0.35% less
Average children's savings
2.92%
Pays 0.17% less
Best children's savings
5.00%
Pays 2.25% less

Inflation: ONS. Averages and best rates: accounts on DepositScout.

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Pros and cons

  • Pro: Savers who want instant access
  • Con: The rate is variable, so it can go down

Good to Know

The account is available to existing Members and new customers resident in Northern Ireland only until their 18th birthday. If the saver is aged 15 years and under, the account must be opened by an adult (parent, guardian or relative) on behalf of the child.

Please verify all details with the provider – see our Disclaimer

See all Progressive Building Society accounts

Estimated returns with Progressive Building Society's Children's Savings

What you could earn with Progressive Building Society's Children's Instant Access Account.

Estimated interest

£1,000 saved

£27.50

At 2.75% AER

£5,000 saved

£138

At 2.75% AER

£10,000 saved

£275

At 2.75% AER

£50,000 saved

£1,375

At 2.75% AER

Estimated over one year, if the rate stays the same and interest is left in. Amounts outside the account's minimum or maximum aren't shown.

Work out the tax on your interestSee how much of this interest could be taxed.

Our Expert Opinion on Progressive Building Society Children's Instant Access Account

Jan WatermannCo-Founder, DepositScout

Progressive Building Society's Children's Instant Access Account pays 2.75%, which opens with as little as £1 and has no maximum balance cap, making it accessible for most families. The rate does sit 0.35% below CPI inflation of 3.1% (Aug 2026), so the money loses a little purchasing power in real terms. I have no market comparison data to judge where 2.75% sits against the wider children's savings field, though TSB Young Saver and Monzo Under 16s Instant Access both match it at 2.75%. One quirk worth noting: interest is only credited after close of business on 1 September each year, so timing a withdrawal matters.

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Common questions about the Children's Instant Access Account

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