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Product focus: Children's savings accounts

Product focus: Children's savings accounts

Category: Savings

Updated: 22/09/2011
First Published: 17/12/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

If you're looking for ideas on what gift to buy for a child this Christmas then why not put a children's saving account in their stocking.

It's a great way to encourage early saving habits as well as giving them a nest egg for the future.

Here is a selection of some of the best children's savings rates available:

Northern Rock – Little Rock Fixed Rate Bond Issue 3

  • This account from Northern Rock is a fixed rate account until 01.09.2013.
  • A rate of 3.75% is paid yearly and a monthly option is also available at 3.45%.
  • Investments range between £1 and £20,000.
  • No early access is allowed and further additions are only permitted whilst the issue remains open.
  • It's available to savers aged 16 years and under but must be held by an adult in trust for the child.
  • The account can be operated by post or in branch.

Clydesdale Bank and Yorkshire Bank - Child Savings Bond

  • This 5 year fixed rate Child Savings Bond from Clydesdale Bank and Yorkshire Bank pays a rate of 4.25% on the anniversary.
  • Investments range from £50 to £250,000.
  • No early access or additions are allowed.
  • It's available to savers aged 16 years and under but must be held by an adult in trust for the child.
  • The account can only be operated in branch.

Leeds BS – Young Investor 5 Fixed Rate Bond

  • This account pays a rate of 3.50% yearly.
  • Investments range between £100 and £1m.
  • Further additions are allowed whilst the issue remains open.
  • It's available to savers aged 17 years and under.
  • Up to the age of 12 withdrawals must be signed for by a parent or guardian.
  • Savers are allowed to withdraw 25% of the original investment without any penalties.
  • The account can be operated in branch by post.
Find the best savings rates for your child - Compare savings accounts

Read our Changes to Child Trust Funds Guide

Download FREE Child Savings Plan brochures

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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