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Kids' Savings Accounts
Whether they’re toddlers, teens or somewhere in between, start saving for their future with Halifax.
We offer a range of savings accounts that help parents, guardians, and grandparents to put money aside for a child. While they grow, their savings can too.
Compare kids’ savings accounts
You won’t earn interest on money in their piggy bank. Instead, pick a savings account or ISA designed to build your child’s savings over time.
|
Account |
Interest |
Minimum first deposit |
Open for |
Withdrawals |
More info |
|---|---|---|---|---|---|
|
Account For 11–15-year-olds, providing a current account and savings account. To open this account the parent or guardian of the account must have one of our current accounts and be registered for Online banking |
Interest 2.85% 1.10% Interest is variable, paid monthly and applies to the savings account only. |
Minimum first deposit £1 |
Open for Until the child’s 18th birthday. The savings account will then change to an adult Everyday Saver. The spending account will change to an adult Current Account. |
Withdrawals Unlimited. |
More info |
|
Account For adults who want to regularly save for a child aged 15 and under. |
Interest 5.50% Interest is paid after each year. |
Minimum first deposit £10 to £100 a month |
Open for One year. Everything you save will then be moved to a Kids' Saver account. |
Withdrawals By account closure only. |
More info |
|
Account For adults who want to save for a child aged 15 and under. |
Interest 2.75% Interest is variable and paid monthly. |
Minimum first deposit £1 |
Open for Until the child's 16th birthday. The account will then change to an adult Everyday Saver. |
Withdrawals Unlimited. |
More info |
|
Account An ISA for anyone aged under 18. |
Interest 2.85% Interest is paid after each year. |
Minimum first deposit £1 |
Open for Until the child's 18th birthday. The account will then change to an adult ISA Saver Variable. |
Withdrawals None, until the child is 18. |
More info |
|
Account If you have an Everyday Saver, Fixed Saver, Bonus Saver, Reward Bonus Saver or Family Boost Fixed Savings Account with us, it will change into this account at the end of its term. |
Interest 1.10% 1.20% 1.35% The interest rate is variable. The rate applies to the full balance. Your interest frequency will stay the same as it was on your previous account. |
Minimum first deposit £1 |
Open for No end date. |
Withdrawals Unlimited. |
More info |
Tax treatment depends on individual circumstances and may change in the future.
Interest rates can change. You can check current interest rates online at any time.
Let’s take a closer look
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A grandparent can open a savings account for their grandchild. It has to be in the child’s name and they must provide documentation such as the child’s birth certificate. A grandparent would need to have parental responsibility to open a Junior Cash ISA.
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Children’s accounts, apart from Junior ISAs, are not tax free. It’s a common misconception that children don’t need to pay tax on their savings, but they do – just like adults.
Children may have a Personal Savings Allowance. The first £1,000 of overall savings income earned by basic rate taxpayers will be free from income tax, the first £500 for higher rate taxpayers, and there is no allowance for additional rate taxpayers. Depending on personal circumstances, you may need to pay tax on the interest earned and it will be your responsibility to pay any tax owed to HM Revenue & Customs (HMRC).
If a parent (including civil partner and stepparent) gifts money to their child and the interest from it is more than £100 a year, then that interest counts towards the parent’s personal savings allowance. It may be taxable depending on the parent’s personal circumstances.
This also applies if the interest on the gift, added to any interest we’ve already paid, makes a gross interest payment of over £100. This £100 threshold applies to each parent individually. All accounts a parent holds for the child (regardless of whether they are held with the same bank or building society) are considered. The £100 rule does not apply to parental contributions to a Junior ISA.
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Yes, it’s never too soon to start saving for a child. Select either a Kids’ Saver or a Kids’ Monthly Saver account, designed for children under 15 years old. Or, you might like to consider a Junior Cash ISA, locking money away until your child turns 18 years old.
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