Child savings accounts

Wednesday, 18, Aug 2010 12:00

The majority of high street banks and building societies in the UK now offer a huge variety of savings accounts for children. A children's savings account can offer a higher rate of interest than regular saver accounts and come with a number of incentives, such as gift vouchers and children's toys.

They range from easy access children's saver accounts with the option to withdraw at any time, to fixed rate accounts that offer a higher interest rate but less flexibility. Some savings accounts for children cannot be touched until the child has reached 18 or older.

With so many child savings accounts to choose from and a range of companies offering different incentives, finding the best child savings account can be confusing. However, your first criteria for choosing an account should be the interest rate on offer.

Bonds & Fixed Rate Easy Access ISAs Current Accounts

Company	Account	Notice	Interest		Deposit		Apply
Company	Account	Notice	Paid	AER	Minimum	Maximum	Apply
	ICICI BANK - HiSAVE Fixed Rate Account 5 Years*	5 years	Annually/Monthly	5.00%	£1,000	n/a
	ICICI Bank is a UK Bank and is Authorised and regulated by the FSA. Save for 5 years and earn 5.00% AER on your savings and choose to receive the interest annually or monthly.
	Sainsburys Easy Saver Access Accounts	Instant	Annually/Monthly	2.70%	£1.00	£1,000,000.00
	The Easy Saver savings account gives you double Nectar points on all your Sainsbury’s shopping and fuel for 2 years - see site for details.
	4 Year Stepped Rate e-Bond*	No Withdrawals	Annually	5.00%	£5,000.00	£3,000,000.00
	Nationwide’s 4 Year Stepped Rate e-Bond offers fixed interest rates that are guaranteed to increase each year up to 5.00% gross p.a./AER in year 4.
	5 Year Fixed Term Deposit Account*	No Withdrawals	Annually	4.30%	£10,000.00	£5,000,000.00
	Save with Scottish Widows and choose to receive your interest to suit your needs. Annually 4.30%AER, Quarterly 4.23%AER or Monthly 4.21%AER.
	ICICI BANK - HiSAVE Fixed Rate Account 4 Years*	4 years	Annually/Monthly	4.25%	£1,000	n/a
	ICICI Bank is a UK Bank and is Authorised and regulated by the FSA. Save for 4 years and earn 4.25% AER on your savings and choose to receive the interest annually or monthly.
	ICICI BANK - HiSAVE Fixed Rate Account 3 Years*	3 years	Annually/Monthly	4.15%	£1,000	n/a
	ICICI Bank is a UK Bank and is Authorised and regulated by the FSA. Save for 3 years and earn 4.15% AER on your savings and choose to receive the interest annually or monthly.
	e-Bond*	3 years	Annually/Monthly	4.10%	£2,000.00	£1,000,000.00
	Start saving today, earn a fixed rate of 4.10% AER on savings and choose when & how you have your interest paid.
	Halifax Fixed Rate Web Saver*	3 years	Annually	4.00%	£500.00	£9,000,000.00
	Choose to save over a term that suits you, the longer you save, the more interest you earn.
	3 Year e-Bond*	3 years	On Maturity	4.15%	£1.00	£3,000,000.00
	A savings bond with great rates. To open an e-Savings Plus account you need to have a Nationwide Current Account (FlexAccount) See site for details.
	ICICI BANK - HiSAVE Fixed Rate Account 2 Years*	2 years	Annually/Monthly	3.70%	£1,000	n/a
	ICICI Bank is a UK Bank and is Authorised and regulated by the FSA. Save for 2 years and earn 3.70% AER on your savings and choose to receive the interest annually or monthly.
	Two Year Fixed Rate Savings Bond*	2 years	Annually	3.75%	£25,000.00	£2,000,000.00
	Save from just £1 and earn a great fixed rate on your savings for 2 Years; Tiered rates apply, see site for details.
	2 Year e-Bond*	No Withdrawals	Annually/Monthly	3.25%	£1.00	£3,000,000.00
	A savings bond with great rates. To open an e-Savings Plus account you need to have a Nationwide Current Account (FlexAccount) See site for details.
	HiSave Fixed Rate Account*	1 Years	Annually/Monthly	3.00%	£1,000.00	n/a
	HiSAVE Fixed Rate Account ICICI Bank is a UK Bank and is Authorised and regulated by the FSA. Save for 1 year and earn 3.00% AER on your savings and choose to receive the interest annually or monthly.
	One Year Fixed Rate Savings Bond*	1 Year	Annually	2.75%	£10,000.00	£2,000,000.00
	Save from just £1 and earn a great fixed rate on your savings for 2 Years; Tiered rates apply, see site for details.
	1 Year Tracker e-Bond*	No Withdrawals	Annually/Monthly	2.50%	£100.00	£2,000,000.00
	Save up to 2.50% AER with this 1 year tracker bond. Tiered interest rates apply. No further deposits can be made after opening.
*Promoted through BeatThatQuote.com who are an appointed representative firm of Best Value Financial Services Ltd which is authorised and regulated by the Financial Services Authority. FSA registration number: 449766.

Company	Account	Notice	Interest		Deposit		Apply
Company	Account	Notice	Paid	AER	Minimum	Maximum	Apply
	ING Direct Savings*	Instant	Monthly	2.50%	£1.00	£1,000,000.00
	A hassle free, online savings account with instant, penalty free access. Save from just £1.
	Halifax ISA Direct Reward*	Instant	Annually	2.60%	£1000	£5,100
	Maintain a balance of £1,000 in your ISA and enjoy up to 4 penalty free withdrawals per year. Also transfer any existing ISA balances from other providers free of charge.
	Egg Savings*	Instant	Monthly	2.80%	£1.00	£1,000,000.00
	Get 2.80% grosspa/AER variable and watch your savings grow. Includes a 2.30% AER bonus for 12 months from the date the account is opened.
	Web Saver Extra*	Instant	Annually	2.60%	£1.00	n/a
	Start saving from just £1 and manage your savings conveniently online 24/7 when it suits you with this instant access savings account.
	Easy Saver*	Instant	Annually/Monthly	2.50%	£1.00	£1,000,000.00
	The Easy Saver savings account gives you double Nectar points on all your Sainsbury’s shopping and fuel for 2 years - see site for details.
	e-SAVER Issue 3*	Instant	Annually	2.40%	£1.00	£1,000,000.00
	Open an online e-Saver in 5 minutes and earn 2.40%AER (variable) for 1 year. Save anything from £1 to £1 million. T's and C's apply.
	International Bonus Saver Account	Instant	Monthly	2.01%	£5,000.00	n/a
	Instant access account with an introductory bonus of 0.50% for the first 12 months.
	e-Savings Plus*	Instant	Annually	2.00%	£1.00	£500,000.00
	Enjoy up to 3 free withdrawals. To open an e-Savings Plus account you need to have a Nationwide Current Account (FlexAccount) See site for details.
	Online Bonus Saver*	Instant	Annually	0.75%	£1.00	£50,000.00
	Earn up to 0.75% AER(variable)on savings from £1 up to £50K.Ts&Cs apply
*Promoted through BeatThatQuote.com who are an appointed representative firm of Best Value Financial Services Ltd which is authorised and regulated by the Financial Services Authority. FSA registration number: 449766.

Company	Account	Notice	Interest		Deposit		Apply
Company	Account	Notice	Paid	AER	Minimum	Maximum	Apply
	Halifax ISA Direct Reward*	Instant	Annually	2.60%	£1000	£5,100
	Maintain a balance of £1,000 in your ISA and enjoy up to 4 penalty free withdrawals per year. Also transfer any existing ISA balances from other providers free of charge.
	Direct ISA*	Instant	Annually	2.75%	£9,000.00	n/a
	2.75% AER tax-free (variable) from £9k+ which includes a 12 month variable rate bonus of 2.25% AER tax-free. Transfer all your tax-free savings in one easy step.
	e-ISA*	Instant	Monthly	2.50%	£30,000.00	n/a
	Save from £30,000 to receive 2.50% AER and from £10,000 - £29,999 to receive 2.25% AER, see site for details.
	Cash ISA*	Instant	Monthly	2.50%	£50,000.00	n/a
	Transfer your previous years ISA's into this great cash ISA and earn 0.5% AER bonus. Tiered interest rates apply see site for details.
	Cash ISA*	Instant	Monthly	2.50%	£50,000.00	n/a
	Transfer your previous years ISA's into this great cash ISA and receive 0.50% AER bonus, Teired interest rates apply see site for details.
	Sainsbury's Cash ISA*	n/a	Annually	2.30%	£500.00	£5,100.00
	Transfer your existing Cash ISA's today and grow your savings with a tax free variable rate of 2.30% AER.
	Halifax 1 Year Fixed Rate ISA*	1 Year	Annually	2.50%	£500.00	£5,100.00
	Transfer your ISA'S and recieve 2.50% AER, Choose to save over 1-4 years, with the peace of mind that you'll have a guaranteed rate of interest. Teired interest rates.
	Direct ISA £1+ *	Instant	Annually	2.00%	£1.00	£9,999.00
	Earn 2.00% AER tax-free (variable) when you save from only £1 including a 12 month variable rate bonus of 1.50% AER tax-free. Transfer all your tax-free savings in one easy step
	e-ISA*	Instant	Monthly	2.00%	£1.00	£9,999.00
	Save from £1 to receive 2.00% AER, Tiered interest rates apply, see site for details.
	Cash e-ISA*	Instant	Annually	1.75%	£1.00	£5,100.00
	Open this monthly interest paying ISA in minutes online. Allows transfers in, and no penalties for withdrawals.
*Promoted through BeatThatQuote.com who are an appointed representative firm of Best Value Financial Services Ltd which is authorised and regulated by the Financial Services Authority. FSA registration number: 449766.
† Guaranteed income payments. †† Income payments are dependent upon the FTSE 100 Index.
**Structured Investment Products promoted by Fair Investment Company Limited, Fair Investment Company Limited is Authorised and Regulated by the Financial Services Authority.

Company	Account	Interest		Overdraft		Apply
Company	Account	Paid	AER	EAR	Limit	Apply
	Preferred In-Credit Rate Account*	Annually	5.00%	0.00%	£5,000.00
	SANTANDER WILL GIVE YOU £100 CASHBACK when you switch your main current account using their dedicated switching service and pay in at least £1,000 a month. Plus you'll earn a fantastic 5% AER (fixed).
	Reward Current Account*	monthly	0.00%	0.00%	£5,000.00
	Receive a monthly reward of £5 each month you pay £1,000 into your Reward Current Account plus an easy-to-manage overdraft.
	Reward Current Account*	Monthly	0.00%	0.00%	£2,500.00
	An account which gives you £5 each month you pay in £1,000, whether you're in credit or overdrawn. see site for details.
	Ultimate Reward Current Account*	Monthly	0.00%%	0.00%	£300.00
	Receive £5 each month you pay in £1,000, whether you're in credit or overdrawn. Plus for £12.50 a month enjoy free benefits including Family Travel Insurance, AA Breakdown Insurance, and Payment Protection on products brought via your account.
	Reward Current Account*	Monthly	5.00%	0.00%	£100.00
	A bank account with a great rate and benefits worth over £460 - all for just £10 a month! Including; Annual worldwide family travel insurance and vehicle breakdown cover.
	Premium Current Account*	Monthly	5.00%	0.00%	£500.00
	A bank account with a great rate and benefits worth over £900 - all for just £20 a month! Including AXA PPP Healthcare, Annual worldwide family travel insurance, mobile phone insurance and Green Flag car breakdown cover.
	Classic Account with Vantage*	Monthly	4.00%	19.30%	see provider
	Lloyds TSB's free Classic Account with Vantage offers a great 4% AER in months when you deposit £1,000. See site for details.
	Lloyds Classic Plus Account*	Monthly	2.50%	19.30%	see provider
	Lloyds TSB's free Classic Plus Account offers a great 4% AER on balances up to £2,500 when you deposit £1,000 per month. See site for details.
	Preferred Overdraft Rate Account*	Annually	1.00%	0.00%	£2,500.00
	If you tend to use your overdraft, this account gives you an INTEREST FREE overdraft for the first 12 months. See site for details.
	Natwest Advantage Gold Account*	Monthly	0.25%	18.49%	see provider
	Enjoy benefits worth up to £704 for just £12.95 a month. Including Mobile phone cover, Travel Insurance and even tailored rates on other Natwest products.
	Royalties Gold Account*	Monthly	0.15%	17.00%	see provider
	You could save up to £908 over a year with this current account including great benifits such as worldwide multi-trip family travel insurance.
	Natwest Current Plus Account*	Monthly	0.10%	19.24%	see provider
	A free day to day bank account with an overdraft facility to give your finances some breathing space.
	Lloyds Classic Current Account*	Monthly	0.10%	19.30%	see provider
	Lloyds TSB's free Classic Account will give you all you need to make everyday banking easier.
	Interest Paying Current Account*	Monthly	0.10%	0.00%	£100.00
	Looking for a straightforward interest paying account with no monthly fees? See site for details.
	Bank Account*	n/a	0.00%	19.30%	see provider
	A straight forward account with no monthly fee. Ts&Cs apply.
	International Account	Monthly	0.00%	15.8%	see provider
	International account designed for people working, living and banking abroad. Accounts in Sterling, Euro and US Dollars.
	HSBC Bank Account*	Annually	0.00%	19.00%	£500.00
	Apply for a bank account today and HSBC will give you £50 cashback just to say thank you. See site for details.
	Current Account Plus*	n/a	0.00%	16.90%	£300.00
	Up to £213 worth of annual benefits for just £5 per month. £300 interest-free overdraft. T&Cs apply.
	HSBC Advance*	Monthly	0.00%	17.90%	see provider
	Receive £50 cashback just for opening an account and now for only £6 a month LIMITED OFFER enjoy £500 worth of benefits with this great account.
	Additions Active*	n/a	0.00%	0.00%	£300.00
	This account comes with everything you’d expect plus little extras that make life easier, including travel and mobile phone insurance, breakdown cover and an interest-free overdraft, all for £15 a month.
	Flex Account*	n/a	0.00%	18.90%	see provider
	A free day to day bank account which gives you access to preferential deals with Nationwide such as; 5% on your fixed savings and 90% mortgages, see site for details.
	Premier Life Account*	n/a	0.00%	0.00%	£1,000.00
	With the Premier Life Account, you're entitled to a range of elite membership benefits, products and services. Plus an £1,000 interest free overdraft.
	CardOneBanking Basic Account*	n/a	0.00%	0.00%	n/a
	Bad Credit Bank Account – No Credit Checks. Open a CardOneBanking account today, with No Credit Checks and Guaranteed Acceptance. You’ll avoid hidden charges and overdraft fees.
Promoted through BeatThatQuote.com who are an appointed representative firm of Best Value Financial Services Ltd which is authorised and regulated by the Financial Services Authority. FSA registration number: 449766.

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Child savings accounts

Savings News

Children's Mutual suspension 'underlines case for child ISAs'

Parents 'need to save, save, save' for children

Government scraps child trust funds

Government 'should not dismiss child trust funds'

Product News

Northern Rock launches new savings products

Post Office to launch new products as part of expansion

F&C helps a 'new generation of savers'

Scottish Building Society creates savings account for kids

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