Let's look at our requirements for a kid's bank account. Most banks and building societies offer savings accounts for children, but it's important to understand how the account will work in practice.
Here is a list, in no particular order, of the high-street banks/building societies that I've come across that seem to offer a decent, easy-access, no-nonsense savings account for a child.
|Account||Interest rate||Minimum balance (£)||Cash card?||Branch access?||Withdrawal limits?||Notes|
|N&P Family Young Saver||1.75% annually||1||Y||Y||no limit|
|Halifax Young Saver||2.0% annually||1||Y||Y||no limit|
|Little Rock Access Account||3.0% annually||1||Y||Y||no limit|
|Nationwide Smart||0.75% annually||1||Y||Y||no limit||Cash card is optional, only from age 11|
|HSBC MySavings||0.5%||1||N||Y||no limit||MyAccount cash card from age 11+|
|Natwest Young Saver||0.8%, paid quarterly||?||?||Y||no limit||Only for ages 7-10|
|Lloyds Young Savers account||3.0%, paid quarterly||?||?||Y||no limit||Gift of a Stanley money box on account opening (subject to availability); Parent must have a Lloyds TSB current account|
|Santander Flexible Saver for Kids||0.4% annually||1||Y||Y||no limit||Cash card is optional, only from age 11|