What types of childrens savings accounts are available?
Children’s savings accounts work in a similar way to adult savings accounts. There are various types available: • Easy-access children’s savings account. An easy-access children’s savings account allows you to deposit and withdraw money when you wish. The account is opened in the child’s name but is usually administered by the parent or guardian until the child is old enough to operate it themselves. These accounts are ideal for saving birthday and Christmas money and for encouraging the habit of saving. However, you may be able to get a higher interest rate with other types of children’s savings accounts. • Notice children’s savings account. With a notice children’s savings account you have to give the bank or building society warning – typically 1 or 3 months – that you want to take money out of the account. Notice children’s savings accounts may offer higher interest than easy-access accounts. • Term children’s savings account. A term children’s savings account is an account where y
