There are a number of factors to consider before deciding which savings account to choose for your child.
How often do you want to save?
You’ll need to decide how much money you want to put into the account. You can open all our children’s savings accounts with just £1. With our Robin Hood Young Saver you can deposit up to £100 per month and with our Junior ISA your subscription limit is £4,368 for the current 2019/20 tax year.
How much access do you want?
You’ll also need to decide how much access you want to the savings account. While our Young Savers’ Club and Robin Hood Young Saver accounts offer instant access to your savings, withdrawals are not allowed before the child is 18 years old with our Junior ISA.
Children’s savings FAQs
Can a grandparent open a savings account for a child?
Yes, however you'll only be able to open a Junior ISA if you are the child's guardian or if you have parental responsibility of the child.
Will the account be in the child’s name?
Yes, any children’s savings accounts opened with us will be in the name of the child. If you do want to open the account in your name, you can be jointly named on the Young Savers Club.
Children have the same personal savings allowance as an adult which means that they can earn £1,000 in savings interest tax-free. Children also get a personal tax-free allowance, which is how much income they can earn before paying any tax. This is £12,500 in the 2019-20 tax year. This means that the total amount they can earn free of income tax is £13,500 in the 2019-20 tax year.
Who can withdraw money from the child’s account?
With the Robin Hood Young Saver or Young Savers’ Club, a parent or guardian will have to accompany the child to withdraw money if they’re under 7 years old or if they’re aged 7-10 and want to take out more than £5 or aged 11-16 and want to take out £250 or more.
Please note no withdrawals can be made from The Nottingham’s Junior ISA until the child is 18 years old. Once the young person reaches their 18th birthday, the adult's name will be removed from the account.
*We will pay your interest free of UK income tax. Your tax treatment will depend on your individual circumstances and may be subject to change in the future. The tax treatment of ISAs may also change. AER stands for Annual Equivalent Rate. It shows what the interest rate would be if the interest was reinvested in the account each year. Interest rates are variable unless otherwise stated.
For non ISAs
*We will pay your interest without tax taken off. It is your responsibility to declare any interest you earn over your personal savings allowance directly to HMRC. Your tax treatment will depend on your individual circumstances and may be subject to change in the future, for further information please contact HMRC. AER stands for Annual Equivalent Rate. It shows what the interest rate would be if the interest was re-invested in the account each year. Interest rates are variable unless otherwise stated.
** There's no guarantee that the current difference between our fixed rates and general rates will continue. General interest rates may fall below or rise above the fixed rate.