The Best Accounts for Children

Written by Karen Bryan

I’ve been looking into the best accounts for children in the UK. Below are my top three kids accounts.

The Santander 123 Mini Current Account

This account is available to 11 – 17 year olds and offers a cash or debit card. It’s a good way for young people to get used to managing their finances. However, it can also double as a savings account, as it pays a variable interest rate of 3% on balances between £300 – £2,000. For kids with savings under £2,000, this is a good dual purpose account. The downside is that with unlimited withdrawals allowed, it’s easy to dip into savings.

Read my full review of Santander 123 Mini Accounts for kids.

Nationwide Smart Limited Access

The Nationwide Smart Limited Access account is available for kids up to the age of 18. If the child is under 7 years of age, it must be opened by an adult. It pays a variable interest rate of 3% on balances between £1 – £50,000, meaning it’s good for children with any level of savings. If more than one withdrawal per year is made, the rate drops. Therefore, it’s more suited to long-term savings, allowing some access.

Read my full review of Nationwide accounts for kids.

Halifax Junior Cash ISA

The Halifax Junior Cash ISA is available for kids up to the age of 18.  The top rate of 4% (variable) on this account is only paid if a parent holds a Halifax Cash ISA. Otherwise, a variable rate of 3% is paid. The current annual allowance for a Junior Cash ISA is £4,080. It’s a good way to save up a sizeable sum for when a child reaches the age of 18, but the money is tied up until then.

Read my full review of Halifax accounts for kids.


As all of my selected best accounts for children offer variable rates of interest, you need to monitor the rates and be ready to switch (or transfer in the case of a Junior Cash ISA) to another account and/or provider.

A combination of these accounts for children could offer the best of all worlds.

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This article is based on my personal research and understanding of the accounts. Please check terms and conditions carefully before applying for any financial product.