Children's Bank Accounts

Many banks and building societies offer Children's Accounts, although the type of children's account and what it comes with will vary.

A Children's Account can be opened from the time the child is born until they are 18, but if the child is under 7 the bank or building society will normally require that the parent or guardian open the account for them.

Typically Children's Accounts are savings accounts with no current account features although some come with a cash card. Some banks only offer Child Trust Funds, others offer several types of Children's Savings Accounts including:

  • Children's Savings Account - Designed to teach children the value of saving, how to budget and manage their own money. Often, the parent will open and administer the account. Some banks allow children as young as 7 to administer their own account provided the parent signs it over to them. Most banks will allow a child that is 11 years or older to open and administer their own account. Money can be paid in by cash, cheque, BACS transfer or standing order. Money can be taken out at branches and some banks offer a cash card that allows money to be withdrawn at cash machines. Use our bank finder to see if your local brand offers Children's Savings Accounts and what related facilities and services are offered at the branch itself.
  • Child Trust Fund - Children born on or after September 1, 2002 are eligible for a Child Trust Fund and should receive a £250 from the government to start the fund. Any money placed in the fund, and interest earned, will be held in trust until the child reaches 18 years of age at which time all money in the fund is his/hers. There are three types of Child Trust Fund accounts with different banks and building societies usually offering one option. Which type of Child Trust Fund you choose will depend on how risk averse you are. Use our bank finder to see if your local branch offers Child Trust Fund and use to help you choose which type of Child Trust Fund is best for your family.
  • Children's Bond - Offered by National Savings & Investments and some banks and building societies Children's Bonds come in various forms. Most are tax free investments requiring a minimum amount, usually from £25 to £1000, and come with restrictions on access during the term of the bond, usually between 3-5 years although some bonds allow you to save for up to 25 years and others will allow you to withdraw money from the bond before the end of the term.

See the links above for more detailed information on the variety of bank accounts available and see our bank directory to find out what types of accounts your local bank offers.

Always be sure you fully understand what is and is not included, the costs, restrictions and exactly who is offering it before signing up for a bank account or any financial product. For more information see the Financial Services Authority Consumer Information website

None of the information contained in this website constitutes, nor should be construed as Financial Advice.

Search our advanced guide to Britain's Banks.

Only banks with Disabled facilities