Best Children's Savings Accounts
Compare easy access, regular saver and fixed-rate savings for under-18s
| Provider | Product | Access | Min Balance | Actions | |
|---|---|---|---|---|---|
 Nationwide | Ages 11–17 | 5.00% Variable | Instant | £1 | |
 State Bank of India | Under 16 | 4.65% Fixed | 1 Year | £1,000 | |
State Bank of India | Under 15 | 4.65% Fixed | 2 Years | £1,000 | |
State Bank of India | Under 14 | 4.65% Fixed | 3 Years | £1,000 | |
 Kent Reliance | Under 18 | 4.18% Variable | Instant | £10 | |
 Saffron Building Society | Under 17 | 4.15% Fixed | 2 Years | £500 | |
 Cambridge Building Society | Under 16 | 4.15% Fixed | 3 Years | £1,000 | |
Saffron Building Society | Under 18 | 4.10% Fixed | 1 Year | £500 | |
 Coventry Building Society | Ages 7–17 | 4.00% Variable | Instant | £1 | |
 Chorley Building Society | Under 18 | 3.90% Variable | 6 withdrawals | £10 | |
 Nottingham Building Society | 3.75% Variable | Unlimited | £1 | ||
 HSBC | Ages 7–17 | 3.75% Variable | Instant | £10 |
Nationwide
State Bank of India
State Bank of India
State Bank of India
Kent Reliance
Saffron Building Society
Cambridge Building Society
Saffron Building Society
Coventry Building Society
Chorley Building Society
Nottingham Building Society
Showing 12 of 64 results
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Children's Savings at a glance
- Best easy access
- 5.00% AER · Nationwide
- Best regular saver
- 4.00% AER · Principality Building Society
- Best fixed rate
- 4.65% AER · State Bank of India
- Best notice
- 2.25% AER · Buckinghamshire Building Society
- Accounts tracked
- 71
- Providers tracked
- 46
- Protection
- FSCS up to £120,000
- Rates checked
- 1 October 2026
The top rates come with strings: the best easy access rates are capped at a few thousand pounds or need the bank's children's current account, and the best regular savers only take £50–£150 a month. Pick by how you'll save. Lump sums and gifts belong in easy access or a fixed bond; pocket money and monthly top-ups belong in a regular saver.
Ask Penny AI
Not sure if a children's savings account is right for you? Penny compares every account we track and answers in plain English.
Chat with PennyWhat is a children's savings account?
It's an ordinary savings account held in a child's name. A parent or guardian opens it, the money legally belongs to the child, and the child usually takes control at 16 or 18. They come in the same shapes as adult accounts: easy access for gifts, regular savers for monthly amounts, and fixed-rate bonds for lump sums.
Children's rates are often higher than adult equivalents because banks use them to win the whole family's business. The trade-off is limits: balance caps of £3,000–£5,000 on the top easy access rates, monthly caps on regular savers, and sometimes a children's current account as a condition.
How to open a children's savings account
Children's Savings pros and cons
Pros
- Top children's rates often beat the best adult easy access and regular saver accounts
- Interest is almost always tax-free: a child has the same £12,570 personal allowance as an adult
- FSCS protected up to £120,000 in the child's own name, separate from your limit
- Family can pay in, and the money is ring-fenced for the child
Cons
- Balance caps of £3,000–£5,000 on the top easy access rates; monthly caps on regular savers
- The best rates often need the bank's children's current account or an existing adult customer
- The money is the child's to spend from 18 (16 with some providers)
- Interest over £100 a year on money given by a parent is taxed as the parent's income
Is my child's money safe in a children's savings account?
Yes. Children's savings accounts are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person, per banking licence. Because the account is in the child's name, the child has their own limit, separate from yours, even at the same bank. Every children's account listed on DepositScout is FSCS protected.
Do children pay tax on savings interest?
Rarely. A child has the same allowances as an adult, so with no other income they can earn up to £18,570 of interest a year before any tax is due.
The exception is the £100 rule. If money given by a parent earns more than £100 of interest in a tax year (per parent), all of that interest is taxed as the parent's income. It doesn't apply to gifts from grandparents or other family, or to money inside a Junior ISA, which is why parents saving larger sums usually use one.
Types of children's savings account
Most families end up with two: an easy access or regular saver for everyday saving, and a Junior ISA or fixed bond for money that should reach 18 untouched.
Easy access children's accounts
Money in and out any time, variable rate. The best rates are capped at £3,000–£5,000 or tied to a children's current account. Right for gifts and birthday money.
Children's regular savers
A high rate on a small monthly deposit, usually £10–£150 a month, often fixed for 12 months. Right for pocket money and standing orders.
Children's fixed-rate bonds
Lock a lump sum away for one to three years for a guaranteed rate, usually from £500–£1,000. No access until maturity. Right for larger gifts or an inheritance.
Junior Cash ISA
Tax-free, locked until 18, with its own £9,000 annual allowance and immune from the £100 rule. Right for money that should reach adulthood intact. Compare on our Junior ISA page.
Children's Savings FAQs
Straight answers to the questions savers actually ask.
Looking for something else?
Compare every account type we track, side by side.
Savings accounts
Written by
Jonny Pease
Reviewed by
Jan Watermann
Rates checked
This page is for information only and is not financial advice. Rates and account terms can change at any time — always confirm the details on the provider's website before opening an account. Read our full disclaimer.
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