If youre considering this account, note that there is a collectors card point system, where for every 20 saved in the account a sticker is added to tax rebate for medical expenses 2015 the card.
It's also worth checking the adult fixed rate accounts, as some have no minimum age requirement.
You can open the account online, by phone or in branch.Get your children into the savings habit?Apply summary: Rate: 2 fixed for 3yrs Min deposit: 1,000 Max deposit: 20,000 Access: Branch or post Withdrawals allowed: None Min age to open it: 0 Max age: 15 Earn.85 for two years if your child has at least 1,000 saved Kent Reliance The.Many accounts will allow the adult to stay in control of the cash until the child turns.This is a full guide to the top-paying children's savings accounts, how tax for kids works, grabbing freebies and how to use their tax-free allowance for your gain.Savers will also need to lock their money away for 12 months.Once theyve gathered 10 tokens they can trade them for one of the school banking rewards on offer.Know the tax implications If it's their own money, children can earn the same 17,000 a year in interest as adults before it gets taxed.So here's some top tips for helping kids learn and understand about saving.So, what free stuff can your child get their hands on simply by developing a good savings habit?How they work, childrens current accounts work in pretty much the same way as adult current accounts.Yet if you're worried that by putting 1,000 in their name they'll splash out on 52 ringtones, an Xbox and enough sweets to give a junior school a sugar rush, don't.These can be great for certainty on your return, but are only suitable if you're happy to lock cash away for the entire term.The, nottingham Building Society Robin Hood Young Saver account does not allow access to the savings pot until, but the account offers.00 and a free goody bag.As proof of identity, youll usually be required to show a passport, European Union National Identity Card or UK photocard driving licence.Freebies with childrens savings accounts, many banks and building societies offer freebies like toys or piggy banks, designed to tempt children, but their accounts often pay a low rate of interest.They also receive a Zoo Welcome Kit that includes a stationery kit and money box, along with access to the Reward Stamps program.However, if your child's aged under 16, then a parent or guardian can open the account on their behalf.Research by the Governments Money Advice Service found that adult money habits are set by the age of seven, highlighting the power of parents to foster good money skills at home.The [email protected] program from The Mutual gives kids a chance to join the Mighty Mutuals Club and become regular savers.Under-sevens require a parent, guardian or grandparent to set up an account and act as signatory.
Compare children's savings accounts in the table below.
Edited by, updated Weekly, children can earn up.5 in the top savings accounts yet many have cash in accounts paying dismal amounts.