Childs bank account

smiffy01uk

Hi,
Can anybody advise on the best childrens accounts and any incentives that are being offered. He wants to save £5 each week. We live in the suffolk area if this would make any difference.
Thanks in advance.

ReportInvestor

Hi Smiffy,

I assume you mean a simple savings account.

Saffron BS do a decent rate and might conceivably have a branch in range.
The Ladybird account pays 5.1% up to the age of 16.
The V4 account also pays 5.1%, is for 11-23 year olds and comes with a £10 Virgin voucher.
Both can also be opened & operated by post.

Otherwise Halifax Save4It (for U16s) pays 5.05% and comes with a rather good money saving box that sorts your coins into piles and tells you the amount saved in each pile .

And Chelsea BS's "Ready Steady Save" can be operated by post & pays 5.1%.

All the above rates are correct before any future adjustments following the interest rate rise.