{"id":466857,"date":"2022-10-13T14:21:31","date_gmt":"2022-10-13T13:21:31","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=466857"},"modified":"2025-12-16T11:05:26","modified_gmt":"2025-12-16T11:05:26","slug":"savings-accounts-for-grandchildren","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/savings-accounts\/savings-accounts-for-grandchildren","title":{"rendered":"Savings accounts for grandchildren"},"content":{"rendered":"<p>Stashing away some cash for your grandchildren can help provide them with financial security for their future. But with a variety of different savings accounts to choose from, how do you know what\u2019s best?<\/p><p>We take a closer look at the best savings accounts for grandchildren, along with their pros and cons, to help you make the right choice.<\/p><div class=\"keyTakeaways\">\n  <div class=\"keyTakeaways__header\">\n          <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"32\" height=\"21\" viewbox=\"0 0 314.16 201.03\" fill=\"none\">\n  <path d=\"M212.32,190.62c-19.66,0-38.8-6.44-54.42-18.24-15.63,11.79-34.77,18.24-54.42,18.24-49.84,0-90.39-40.55-90.39-90.39V9.83h199.24c49.84,0,90.39,40.55,90.39,90.39s-40.55,90.39-90.39,90.39Z\" fill=\"white\"><\/path>\n  <path d=\"M212.32,15.9c46.57,0,84.33,37.75,84.33,84.33h0c0,46.57-37.75,84.33-84.33,84.33h0c-20.75,0-39.74-7.51-54.42-19.94-14.69,12.43-33.68,19.94-54.42,19.94h0c-46.57,0-84.33-37.75-84.33-84.33V15.9h193.18M212.32,3.76H7.01v96.46c0,53.19,43.27,96.46,96.46,96.46,19.47,0,38.46-5.92,54.43-16.84,15.96,10.91,34.95,16.84,54.42,16.84,53.19,0,96.46-43.27,96.46-96.46S265.51,3.76,212.32,3.76h0Z\" fill=\"#232320\"><\/path>\n  <path d=\"M216.34,90.21c.19-1.69,1.76-2.87,3.43-2.6,11.91,1.94,22.41-7.31,20.93-20.1-.45-3.93-2.28-6.56-4.43-9.31-1.05-1.35-.74-3.34.71-4.26,15.6-9.82,31.64-1.91,40.78,13.29,11.21,18.64,11.54,47.15.53,65.94-15.41,26.3-42.91,23.48-56.04-3.04-6.09-12.29-7.47-26.4-5.92-39.93Z\" fill=\"#232320\"><\/path>\n  <path d=\"M105.92,90.21c.19-1.69,1.76-2.87,3.43-2.6,11.91,1.94,22.41-7.31,20.93-20.1-.45-3.93-2.28-6.56-4.43-9.31-1.05-1.35-.74-3.34.71-4.26,15.6-9.82,31.64-1.91,40.78,13.29,11.21,18.64,11.54,47.15.53,65.94-15.41,26.3-42.91,23.48-56.04-3.04-6.09-12.29-7.47-26.4-5.92-39.93Z\" fill=\"#232320\"><\/path>\n<\/svg>        <h3 data-toc=\"false\">Key takeaways<\/h3>\n  <\/div>\n\n    <ul>\n          <li>There\u2019s a wide range of different account options.<\/li>\n          <li>Grandparents can gift \u00a33,000 per year without any inheritance tax implications.<\/li>\n      <\/ul>\n\n  \n  <\/div>\n<h3>Types of savings and investment accounts available<\/h3><p>There are several different options when it comes to putting money away for your grandkids. To help you choose, you\u2019ll need to consider at what age you want your grandchildren to be able to access the money, what you are hoping the money will be used for and whether you want to save in cash or invest in the stock market.<\/p><p>Stock market investments have the potential to offer higher returns than cash savings, particularly if you plan to leave the money invested for a number of years. However, investing is also a riskier strategy and you could end up getting back less than you originally invested, so it\u2019s important to consider this carefully.<\/p><p>We\u2019ve outlined some of your savings options below:<\/p><h4>Children\u2019s savings accounts<\/h4><p>One of the easiest options is a straightforward children\u2019s savings account. Most high-street banks offer these accounts and many can be opened with as little as \u00a31. <\/p><p>Children\u2019s savings accounts can often be opened by grandparents, but in some cases you will need to get permission from the child\u2019s parents or legal guardians first. You will also need to provide the correct documentation such as the child\u2019s birth certificate. <\/p><p>With a child\u2019s regular savings account, you can pay in a set amount each month for a year and interest rates are usually fairly generous. However, after a year, the account will close. <\/p><p>Alternatively, you can pick an easy access savings account which lets you pay in a sum of money whenever you choose to. You\u2019ll also be able to access the money if needed. However, interest rates on easy access accounts tend to be lower. <\/p><div class=\"u-grid\"><div class=\"u-grid__col u-1\/2@s\"><h5>Pros<\/h5><ul class=\"list-4\"><li>Easy way to save for children<\/li><li>You won\u2019t need to pay in a huge amount each time<\/li><li>Many high-street banks offer child savings accounts<\/li><\/ul><\/div><div class=\"u-grid__col u-1\/2@s\"><h5>Cons<\/h5><ul class=\"list-13\"><li>Easy access interest rates aren\u2019t always competitive<\/li><li>Regular savings accounts only last a year<\/li><\/ul><\/div><\/div><h4>Fixed rate bonds<\/h4><p>As well as easy access and regular savings accounts, some banks offer fixed rate bonds for children. With this type of account, the money has to be left untouched for between 1 and 5 years. In return you\u2019ll usually receive a higher rate of interest. However, this type of account will only be suitable if you have a lump sum to invest as you can\u2019t usually top it up during the term.<\/p><div class=\"u-grid\"><div class=\"u-grid__col u-1\/2@s\"><h5>Pros<\/h5><ul class=\"list-4\"><li>Typically pays a higher rate of interest<\/li><li>Good if you want to lock a sum of money away for a set time<\/li><\/ul><\/div><div class=\"u-grid__col u-1\/2@s\"><h5>Cons<\/h5><ul class=\"list-13\"><li>You\u2019ll need a lump sum to invest as further top-ups cannot usually be made<\/li><li>You won\u2019t be able the access the cash for the term of the bond<\/li><\/ul><\/div><\/div><h4>Junior ISAs<\/h4><p>If you\u2019d prefer to ensure your grandchild\u2019s money is locked away until they are 18 years old, a junior ISA might be a good option. You can choose from either a cash junior ISA or a <a href=\"https:\/\/www.finder.com\/uk\/share-trading\/junior-stocks-and-shares-isas\">stocks and shares junior ISA<\/a>. Just remember, if you opt for stocks and shares junior ISA, your capital could be at risk. <\/p><p>Be aware that only parents and guardians can open a junior ISA for a child under 16, but anyone can contribute to them, as long as they do not exceed the annual junior ISA limit of \u00a39,000 (for the 2026\/2027 tax year).<\/p><p>Junior ISAs are tax-efficient which means no tax needs to be paid on earnings. Once your grandchild turns 18, they will gain full control of the account and can choose to invest it into an adult ISA or other savings account, or they can choose to withdraw the money.<\/p><div class=\"u-grid\"><div class=\"u-grid__col u-1\/2@s\"><h5>Pros<\/h5><ul class=\"list-4\"><li>Tax-efficient savings account<\/li><li>Option to choose from a cash account or stocks and shares<\/li><li>Your grandchild can only access their money once they reach 18 (this can be both a pro and a con)<\/li><\/ul><\/div><div class=\"u-grid__col u-1\/2@s\"><h5>Cons<\/h5><ul class=\"list-13\"><li>Can only be opened by the child\u2019s parents or legal guardians<\/li><li>Can only pay in up to the annual allowance<\/li><li>Your grandchild can choose to do what they want with the money once they reach 18<\/li><\/ul><\/div><\/div><h4>Premium bonds<\/h4><p>Premium bonds can be a bit of fun and are a popular investment option offered by National Savings &amp; Investments (NS&amp;I). Anyone can buy premium bonds for a child under 16, although you will need to check with the child\u2019s parents or guardians first. <\/p><p>Grandparents can buy from \u00a325 up to \u00a350,000 worth of premium bonds per child and every \u00a31 gets put into a monthly prize draw. If you\u2019re lucky you could win anywhere from \u00a325 up to \u00a31 million and winnings are completely tax-free. When your grandchild turns 16, you can sign the premium bonds over to them. <\/p><div class=\"u-grid\"><div class=\"u-grid__col u-1\/2@s\"><h5>Pros<\/h5><ul class=\"list-4\"><li>Fun way to save<\/li><li>You could win up to \u00a31 million tax-free<\/li><li>Anyone can buy them<\/li><\/ul><\/div><div class=\"u-grid__col u-1\/2@s\"><h5>Cons<\/h5><ul class=\"list-13\"><li>You might not win anything<\/li><li>You don\u2019t earn any savings interest<\/li><\/ul><\/div><\/div><h4>Bare trusts<\/h4><p>Trusts are legal arrangements where money or assets are held by a person for the benefit of someone else. A bare trust is the simplest type of trust and enables you to set money aside for your grandchild\u2019s future, while appointing yourself or someone else as a trustee to retain some control over what the money is used for. <\/p><p>The trustee manages the money on the child\u2019s behalf until they turn 18. However, the trustee might be able to distribute the money earlier if it is needed for school fees, for example. <\/p><div class=\"u-grid\"><div class=\"u-grid__col u-1\/2@s\"><h5>Pros<\/h5><ul class=\"list-4\"><li>You have some control over what the money can be used for<\/li><li>The account can remain open beyond the child\u2019s 18th birthday<\/li><\/ul><\/div><div class=\"u-grid__col u-1\/2@s\"><h5>Cons<\/h5><ul class=\"list-13\"><li>Money in the trust could be subject to inheritance tax if you exceed the annual allowance<\/li><li>The beneficiary (the child) is automatically entitled to the money at the age of 18 and they can use it as they wish<\/li><\/ul><\/div><\/div><div class=\"newsletter-wrapper\"><\/div>\n<div class=\"newsletter-signup sticky-mode theme-green\" data-accountcreateflow=\"newsletter\" data-displaydelay=\"0\" data-showformembers=\"1\">\n    <div class=\"signup-grid\">\n                                <div class=\"signup-image\">\n                <img decoding=\"async\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/george4.png\" alt=\"newsletter-image\" class=\"signup-image-img\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/george4.png?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/george4.png?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/george4.png?fit=600 600w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/george4.png?fit=900 900w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/george4.png?fit=1200 1200w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" loading=\"lazy\">\n            <\/div>\n                        <div class=\"signup-content\">\n                <div class=\"signup-content-left\">\n                    <h2 class=\"signup-header\">Be first to know about new deals<\/h2>\n                                        <p class=\"signup-text\">Sign up to receive the latest deals, tips and a chance to <strong>win \u00a3400!<\/strong> (T&amp;Cs)\n                                            <\/p>\n                                    <\/div>\n                <div class=\"signup-content-right\">\n                    <div class=\"form\">\n                        <div class=\"email-group \">\n                            <label for=\"email-default\" class=\"sr-only\">Email address:<\/label>\n                            <input class=\"email-input\" id=\"email-default\" type=\"email\" placeholder=\"Enter your email\" name=\"email\" data-prefill=\"me.notes.createAccountEmail\">\n                            <button class=\"email-btn\">\n                                <span class=\"btn-text\">Sign up<\/span>\n                                <span class=\"loading-spinner\"><\/span>\n                            <\/button>\n                        <\/div>\n                        <p class=\"error-msg\"><span class=\"error-msg-text\">Error placeholder<\/span> <span class=\"error-msg-sign-in\"> Click <a class=\"error-msg-sign-in-link\" href=\"https:\/\/www.finder.com\/uk\/user-profile\/sign-in?returnTo=https%3A%2F%2Fwww.finder.com%2Fuk%2Fuk%2Fwp-json%2Fwp%2Fv2%2Fposts%2F466857\">here<\/a> to sign in<\/span><\/p>\n                    <\/div>\n                    <div class=\"links\">\n                                                    <a href=\"https:\/\/finder.com\/uk\/about-us\/competition-winners\">Winners<\/a> |                                                    <a href=\"https:\/\/www.finder.com\/uk\/about-us\/example-email#savings\">Emails<\/a> |                                                    <a href=\"https:\/\/www.finder.com\/uk\/communication-preferences\">Unsubscribe<\/a> |                                                    <a href=\"https:\/\/www.finder.com\/uk\/privacy-policy\">Privacy<\/a>                                             <\/div>\n                <\/div>\n            <\/div>\n                <div class=\"hide-btn\">\n            Hide\n            <svg class=\"luna-icon luna-icon--xsmall has-margin-top-xxsmall\">\n                <use xlink:href=\"#chevron-down\"><\/use>\n            <\/svg>\n        <\/div>\n    <\/div>\n<\/div>\n\n<h3>How much can I save tax-free for my grandchildren?<\/h3><p>Each grandparent can gift up to \u00a33,000 to their grandchildren in any one tax year, exempt from inheritance tax. It can be given to one child or split between several. If the full \u00a33,000 is not used one year, it can be carried over into the next year. However, if you don\u2019t use it then, you\u2019ll lose it. <\/p><p>If you want to give more than this \u00a33,000 allowance, note that inheritance tax will only be due if you die within 7 years of having given that gift.<\/p><p>You can also gift \u00a3250 to as many people as you want every tax year without paying any inheritance tax. However, you can\u2019t give both the \u00a3250 and the \u00a33,000 to the same person. <\/p><p>If your grandchild is getting married, you can also give up to \u00a32,500 without it being taxed. <\/p><h3>How can I make sure my loved one is responsible with the money I give?<\/h3><p>The only way you can really do this is to sit down and talk to your grandchild. Explain to them the importance of managing their money carefully and how saving can help ensure they have financial security in the future. It can also be worth tracking how their savings grow through online banking or your bank\u2019s app so your grandchild gains a greater understanding of how saving can pay off. <\/p><p>Choosing a junior ISA or bare trust will ensure your grandchild cannot access their funds until they are 18, but even then, there\u2019s nothing stopping them from blowing the cash on a new car or trip round the world. So be sure to discuss these financial matters with them first. <\/p><h3>Bottom line<\/h3><p>Choosing the right savings account for your grandchild will ultimately come down to personal preference. If you\u2019d prefer a straightforward savings account with a high-street bank, you might want to choose an easy access savings account. But if you\u2019re looking for something that can\u2019t be accessed for a while you might prefer a bare trust or junior ISA. Weigh up the pros and cons of each option carefully to help you come to the right conclusion. <\/p><h3>Frequently asked questions<\/h3><ul class=\"luna-accordionGroup accordionGroup\">\n\t<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000000\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000000\">\n                <span class=\"luna-accordion__title\">Are children's savings accounts taxed?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000000\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>Children get the same personal allowance as adults. This means they can earn \u00a312,570 for the 2025\/26 tax year without paying tax. Children are also eligible for the \u00a35,000 starting rate for savings and the \u00a31,000 personal savings allowance, giving them a total of \u00a318,570 before they need to start paying tax. <\/p><p>However, you should be aware that if money gifted by parents earns more than \u00a3100 in interest per year, before tax, the full amount of interest will be taxed as if it were the adult's, not the child's. The good news is that this \u00a3100 limit does not apply for money gifted by grandparents.<\/p><p>Remember, too, that you can save up to \u00a39,000 tax-free with a junior ISA each tax year. If you buy premium bonds for your grandchild, any prizes won will also be tax-free. <\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000001\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000001\">\n                <span class=\"luna-accordion__title\">Are children's savings accounts safe?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000001\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>Yes, if your bank is regulated by the Financial Conduct Authority (FCA), your money will be protected under the Financial Services Compensation Scheme (FSCS). Note that as premium bonds are offered by NS&amp;I and backed by the Treasury, all your money is safe.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n\n<\/ul>\n<style type=\"text\/css\">\n    .survey-response {\n        overflow-x: auto;\n        max-width: 800px;\n    }\n\n    .survey-response .luna-table th,\n    .survey-response .luna-table td {\n        padding: 0.3rem 1rem calc(0.20rem + 1px);\n        font-size: 12px;\n        color: rgb(117, 117, 117);\n        text-align: left;\n    }\n\n    .survey-response .luna-table {\n        border: none;\n    }\n\n    .survey-response .row-color-icon {\n        width: 10px;\n        height: 10px;\n        display: inline-block;\n        margin-right: 4px;\n        border-radius: 2px;\n    }\n\n    .survey-response .source-container {\n        top: -12px !important;\n        position: relative;\n    }\n\n    .survey-response .source {\n        color: rgb(108, 120, 129);\n        font-size: 11px;\n    }\n\n    .survey-response .source-link {\n        color: rgb(2, 113, 225);\n        font-size: 11px;\n        text-decoration: underline;\n    }\n\n    @media (min-width: 600px) {\n        .survey-response .border-fix {\n            border-radius: 12px;\n            border: 1px solid var(--light-divider-normal, #E5E7EB);\n            background: var(--light-background-main, #FFF);\n            padding: 0px\n        }\n    }\n\n    .survey-response .chart-container {\n        min-height: 250px;\n        border-radius: 12px;\n        border: 1px solid var(--light-divider-normal, #E5E7EB);\n        background: var(--light-background-main, #FFF);\n        padding: 15px;\n    }\n\n    .google-visualization-tooltip {\n        pointer-events: none;\n    }\n\n    @media screen and (min-width: 960px) {\n        .survey-response.u-grid {\n            margin-left: auto;\n            display: flex;\n            justify-content: space-between;\n            margin-right: auto;\n        }\n\n        .u-grid__col.chart-container {\n            margin-left: 0 !important;\n            margin-right: 0 !important;\n        }\n    }\n\n    .survey-response .table-container {\n        overflow-x: auto;\n        max-width: 800px;\n        display: block;\n    }\n\n    @media screen and (max-width: 959px) {\n        .survey-response .table-container {\n            display: block;\n        }\n\n        .source-container {\n            margin-left: 2rem;\n            margin-right: 2rem;\n        }\n    }\n\n<\/style><h4>Who is most likely to be researching savings accounts for grandchildren?<\/h4><p>Finder data suggests that women aged 65+ are most likely to be researching this topic.<\/p><div id=\"scale-surveys-10024-123\" class=\"survey-response u-grid u-grid--gutterLarge\"><div id=\"view-who-is-most-likely-to-be-researching-savings-accounts-for-grandchildren\" class=\"u-grid__col u-1\/2@s u-1\/1 aligncenter size-full chart-container\" style=\"max-width: 330px;\"><\/div><script type=\"text\/javascript\">\n\t\t\t\t(function() {\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\tvar packageToLoad = 'bar';\n\t\t\t\t\tvar eventName = 'GoogleChartsLoaded-' + packageToLoad;\n\t\t\t\t\tvar event = new Event(eventName);\n\t\t\t\t\n\t\t\t\t\tdocument.addEventListener(eventName, function() {\n\t\t\t\t\tconsole.log('called event!', eventName);\n\t\t\t\t\n\t\t\t\t\tfunction drawChart() {\n\t\t\t\t\t\tvar chartType = 'bar';\n\t\t\t\t\t\t\t\t\t\t\t\t \n\t\t\t\t\t\tvar data = google.visualization.arrayToDataTable([\n\t\t\t\t\t\t\t[' ', 'Male (%)', 'Female (%)', ],\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t['65+', 10.60, 11.65, ],\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t['55-64', 9.97, 10.91, ],\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t['45-54', 10.18, 9.44, ],\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t['35-44', 7.14, 9.23, ],\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t['25-34', 5.25, 6.72, ],\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t['18-24', 4.51, 4.41, ],\n\t\t\t\t\t\t\t\t\t\t\t\t\t]);\n\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\tvar options = {\n\t\t\t\t\t\t\tlegend: { \n\t\t\t\t\t\t\t\tposition: 'none'\n\t\t\t\t\t\t\t},\n\t\t\t\t\t\t\tcolors: ['#1a69e8', '#3178ea', '#4887ed', '#5f96ef', '#76a5f1', '#8db4f4', '#a3c3f6', '#bad2f8', '#1a69e8', '#3178ea', '#4887ed', '#5f96ef', '#76a5f1', '#8db4f4', '#a3c3f6', '#bad2f8']\n\t\t\t\t\t\t};\n\t\t\t\t\n\t\t\t\t\t\tvar chart;\n\t\t\t\t\t\t\t\t\t\t\t\tchart = new google.charts.Bar(document.getElementById('view-who-is-most-likely-to-be-researching-savings-accounts-for-grandchildren'));\n\t\t\t\t\t\t\/\/ Bar chart specific options can go here\n\t\t\t\t\t\toptions.bars = 'vertical';\n\t\t\t\t\t\toptions.hAxis = {\n\t\t\t\t\t\t\tviewWindowMode: 'maximize',\n\t\t\t\t\t\t\tformat: '#,###\\'%\\'',\n\t\t\t\t\t\t\ttitle: ''\n\t\t\t\t\t\t};\n\t\t\t\t\t\toptions.vAxis = {\n\t\t\t\t\t\t\tformat: '#,###\\'%\\'',\n\t\t\t\t\t\t};\n\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\tchart.draw(data, (chartType == 'pie') ? options : google.charts.Bar.convertOptions(options));\n\t\t\t\t\t}\n\t\t\t\t\t\tdrawChart();\n\t\t\t\t\t});\n\t\t\t\t\n\t\t\t\t\tfunction init() {\n\t\t\t\t\t\tconsole.log('calling init', eventName);\n\t\t\t\t\t\tif (typeof google !== 'undefined' && google.charts) {\n\t\t\t\t\t\t\tconsole.log('found charts', google, packageToLoad);\n\t\t\t\t\t\t\tgoogle.charts.load('current', {'packages':[packageToLoad]});\n\t\t\t\t\t\t\tgoogle.charts.setOnLoadCallback(function() {\n\t\t\t\t\t\t\t\tdocument.dispatchEvent(event);\n\t\t\t\t\t\t\t});\n\t\t\t\t\t\t} else {\n\t\t\t\t\t\t\tconsole.log('retrying');\n\t\t\t\t\t\t\tsetTimeout(init, 100);\n\t\t\t\t\t\t}\n\t\t\t\t\t}\n\t\t\t\t\tinit();\n\t\t\t\t})()\n\t\t\t<\/script><div class=\"u-grid__col u-1\/2@s  u-1\/1 aligncenter size-full border-fix table-container\"><table class=\"luna-table js-tablesorter tablesorter tablesorter-default\" role=\"grid\"><thead class=\"luna-table__header\"><tr><th>Response<\/th><th>Male (%)<\/th><th>Female (%)<\/th><\/tr><\/thead><tbody class=\"luna-table__body\" aria-live=\"polite\" aria-relevant=\"all\"><tr><td><span class=\"row-color-icon\" style=\"background-color: #1a69e8;\"><\/span>65+<\/td><td>10.60%<\/td><td>11.65%<\/td><\/tr><tr><td><span class=\"row-color-icon\" style=\"background-color: #3178ea;\"><\/span>55-64<\/td><td>9.97%<\/td><td>10.91%<\/td><\/tr><tr><td><span class=\"row-color-icon\" style=\"background-color: #4887ed;\"><\/span>45-54<\/td><td>10.18%<\/td><td>9.44%<\/td><\/tr><tr><td><span class=\"row-color-icon\" style=\"background-color: #5f96ef;\"><\/span>35-44<\/td><td>7.14%<\/td><td>9.23%<\/td><\/tr><tr><td><span class=\"row-color-icon\" style=\"background-color: #76a5f1;\"><\/span>25-34<\/td><td>5.25%<\/td><td>6.72%<\/td><\/tr><tr><td><span class=\"row-color-icon\" style=\"background-color: #8db4f4;\"><\/span>18-24<\/td><td>4.51%<\/td><td>4.41%<\/td><\/tr><\/tbody><\/table><\/div><div class=\"source-container\"><span class=\"source\">Source: Finder sample of 953 visitors using demographics data from Google Analytics    \t\t<\/span><\/div><\/div><article class=\"luna-card luna-card--alt\"><div class=\"luna-card__block has-padding-small\">We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms \"best\", \"top\", \"cheap\" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our <a href=\"https:\/\/www.finder.com\/uk\/terms-of-use\" class=\"fin-text-navy\">terms of use<\/a>. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables is provided by Defaqto. In other cases, Finder has sourced data directly from providers.<\/div><\/article>","protected":false},"excerpt":{"rendered":"<p>Read more about the best places to save for grandchildren.<\/p>\n","protected":false},"author":1047,"featured_media":466867,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[1181],"tags":[],"asset_tag":[],"class_list":["post-466857","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-savings-accounts"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Savings accounts for grandchildren | Finder UK<\/title>\n<meta name=\"description\" content=\"We take a closer look at the best places to save for your grandchildren.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.finder.com\/uk\/savings-accounts\/savings-accounts-for-grandchildren\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Savings accounts for grandchildren\" \/>\n<meta property=\"og:description\" content=\"We take a closer look at the best places to save for your grandchildren.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.finder.com\/uk\/savings-accounts\/savings-accounts-for-grandchildren\" \/>\n<meta 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month more than 2 million unique visitors turn to Finder to save money and time, and to make important life choices. We compare everything from bank accounts, personal loans, investing platforms and much more.\",\"email\":\"heythere@finder.com\",\"legalName\":\"Finder\",\"foundingDate\":\"2006-01-01\",\"numberOfEmployees\":{\"@type\":\"QuantitativeValue\",\"minValue\":\"51\",\"maxValue\":\"200\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.finder.com\/uk\/#\/schema\/person\/531b4649d053a94fb7388e896df73218\",\"name\":\"Rachel Wait\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.finder.com\/uk\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/cdn.finder.com.au\/finder-us\/wp-uploads\/2025\/12\/RachelWaitF1_Supplied_600x600.png\",\"contentUrl\":\"https:\/\/cdn.finder.com.au\/finder-us\/wp-uploads\/2025\/12\/RachelWaitF1_Supplied_600x600.png\",\"caption\":\"Rachel Wait\"},\"description\":\"Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. 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Children are also eligible for the \u00a35,000 starting rate for savings and the \u00a31,000 personal savings allowance, giving them a total of \u00a318,570 before they need to start paying tax. \\r\\rHowever, you should be aware that if money gifted by parents earns more than \u00a3100 in interest per year, before tax, the full amount of interest will be taxed as if it were the adult's, not the child's. The good news is that this \u00a3100 limit does not apply for money gifted by grandparents.\\r\\rRemember, too, that you can save up to \u00a39,000 tax-free with a junior ISA each tax year. If you buy premium bonds for your grandchild, any prizes won will also be tax-free. \\r\\r\"}},{\"@type\":\"Question\",\"name\":\"Are children's savings accounts safe?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"\\r\\rYes, if your bank is regulated by the Financial Conduct Authority (FCA), your money will be protected under the Financial Services Compensation Scheme (FSCS). 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Children are also eligible for the \u00a35,000 starting rate for savings and the \u00a31,000 personal savings allowance, giving them a total of \u00a318,570 before they need to start paying tax. \r\rHowever, you should be aware that if money gifted by parents earns more than \u00a3100 in interest per year, before tax, the full amount of interest will be taxed as if it were the adult's, not the child's. The good news is that this \u00a3100 limit does not apply for money gifted by grandparents.\r\rRemember, too, that you can save up to \u00a39,000 tax-free with a junior ISA each tax year. If you buy premium bonds for your grandchild, any prizes won will also be tax-free. \r\r"}},{"@type":"Question","name":"Are children's savings accounts safe?","acceptedAnswer":{"@type":"Answer","text":"\r\rYes, if your bank is regulated by the Financial Conduct Authority (FCA), your money will be protected under the Financial Services Compensation Scheme (FSCS). 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