Children's Savings Accounts

Compare the best child trust funds online

A child bank account, or child trust fund, can be a great way to teach children about the value of money and saving. Piggy banks are a good introduction but a real child savings account can earn them serious interest and teach them how to deposit and withdraw cash. Banks understand the lifetime value of child customers so have introduced very competitive rates of interest for UK child savings accounts to attract custom at an early age. Though it may be convenient to enroll you child into the nearest branch which offers a child account, it is worth shopping around for child savings accounts with the best rates, facilities and even freebees. Involving your child in this process will again help you establish your child's attitude towards finance. Beat That Quote has searched the child bank account market to make it easy for you to find the best child bank account online. You can compare and apply in minutes. More Info

A child savings account can differ in several ways from a traditional deposit account. In many cases, a child's account will feature higher interest rates than the average, and there are some banks that offer to pay interest tax-free into the child's savings accounts.

Most of the children's banking products on the market are geared towards long-term investing. They are designed to help a child learn the values of saving to buy the first car for example, a holiday or even contribute to paying for schooling. Child accounts are generally not designed for quick withdrawals and instant access. This means that notice may be needed before money can be taken out of child savings accounts, but not all child accounts are the same.

You can find the best children's bank account online with Beat That Quote as we have searched the market to detail the best child savings accounts available. You can compare in minutes and apply online in no time at all. Start shaping your child's positive financial future today. hide

What is a child bank account?

A child bank account is an account designed specifically with children in mind and offered by both banks and building societies. A child account does not allow a child to get into debt as there is no borrowing facility. Child bank accounts function more as a child savings account and facilities and functions can change as the child gets older. Age restrictions do apply so most child accounts have to be closed by the age of 18. However, some do stay active up until the age of 24. Many child saving accounts require notice prior to a cash withdrawal, and some child accounts restrict the number of withdrawals which can be made over a certain time period.

Child savings accounts adapt to your child's needs with age. Under-eight child bank account is generally opened in your name, as a parent, and you have control over the account. A children's bank account for the eight to twelve year old age group allows your child to take more control by making deposits and withdrawals without you using their own passbook. When your child is midway between the thirteen to eighteen age group, the child account will often supply a cash point card and check book, around the age of sixteen. Overdraft facilities are not authorised to the under-eighteens so even with a cash card and cheque book, the child savings account will not allow your child to accumulate debt.

At different times, certain banks will offer special rates on a UK child savings account, so it is important to use current information when choosing where to set up child accounts. Rates can often reach over 5.5 percent. However, many of the banks that offer the best rates offer far fewer services so it is worth looking around for the best child bank account before you open one.

Beat That Quote has complied information on the key differences between child bank accounts for you to compare and apply for online. It's free and without obligation. Discover the best child savings account today.

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