Children's Savings

Santander 123 Mini Current Account Review

A children's savings account from Santander. It ranks 61st of 73 children's savings accounts we track.

Variable rate

2.00%AER

Up to 3.00% on some tiers

Account type
Current account
Rate checked Oct 2026Got this account? Leave a review

Protection

FSCS£120,000

Min balance

£1

Max balance

No limit

Access

Instant

Interest paid

Monthly

Santander is also paying £240 to switch your current account. Offer ends 7 October 2026.

See the switch offer

Rate Tiers

£1 to £999.99

1.00%AER

£1,000 to £1,499.99

2.00%AER

£1,500 to £2,000

3.00%AER

No interest is paid on amounts over £2,000

How It Stacks Up

Ranks 61st of 73

Children's savings accounts we track

Well below average
This account 2.00%
UK CPI (Aug 2026)
3.10%
Pays 1.10% less
Average children's savings
2.92%
Pays 0.92% less
Best children's savings
5.50%
Pays 3.50% less

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

Compare savings accounts

A Good Fit For

  • Pro: New and existing savers
  • Pro: Savers who want instant access
  • Pro: Savers who want a monthly income

Worth Weighing Up

  • Con: The rate is variable, so it can go down

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Estimated returns with Santander's Children's Savings

What you could earn with Santander's 123 Mini Current Account.

Estimated interest

£1,000 saved

£20.00

At 2% AER

£5,000 saved

£100

At 2% AER

£10,000 saved

£200

At 2% AER

£50,000 saved

£1,000

At 2% 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 Santander 123 Mini Current Account

Jan WatermannCo-Founder, DepositScout

This account is aimed at children and works as a current account rather than a straightforward savings account, so it suits families who want their child to have day-to-day banking alongside some interest. The rate is tiered: 1.00% on balances up to £999.99, 2.00% from £1,000, and 3.00% from £1,500, but Santander pays nothing on any amount above £2,000. Even the top tier sits 1.10% below August 2026 CPI of 3.1%, so the money loses real value. Lloyds Bank Child Saver pays 2.25% and is worth a look.

2 alternatives to Santander's 123 Mini Current Account

Same type of account, closest on rate.

Common questions about the 123 Mini Current Account

D

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4.20% AER
4.75%
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