This isn’t true! As with anything, with a bit of practice anyone can be good with their money. Teach your children from a young age and they will be savvy for life. Check the table below to compare children’s savings accounts and Junior ISAs. Raisin UK makes it easier to apply for deposit protected savings accounts. Our savings service connects you with a range of banks and includes exclusive savings accounts and rates; all curated to help you earn more from your savings:
Grow your savings at Raisin UK
Raisin UK makes it easier to apply for deposit protected savings accounts. Our savings service connects you with a range of banks and includes exclusive savings accounts and rates; all curated to help you earn more from your savings:
Children’s savings accounts are very similar to adults’ savings accounts. You just need to take a few things into account when opening one:
Just like with adults’ savings accounts, there are roughly four types of children’s savings accounts you can choose among:
To choose the most suitable account for your kid, try thinking about what’s the purpose of opening it. For example, if you want to teach them how to save and manage their money, an easy-access account will be better: you can decide a “savings goal” together and when they reach it, they can withdraw the money and use it to buy, say, that new video game they wanted. If you’re just trying to set aside some money for your kids’ university years instead, a Junior ISA or a fixed bond may be more convenient.
In most cases, children don’t have to pay taxes on the interest they earn on their savings accounts – that’s because they don’t earn any money. However, taxes will apply if:
Any parent or guardian can open up a child’s savings account or a Junior ISA. Individual providers may vary when it comes to an adult who is neither the parent or guardian trying to set up the account, so you’ll have to check that out.
Otherwise it’s as simple as opening up any normal savings account: you’ll basically need your personal details and a proof of ID.
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