Our children's savings accounts
How do children's savings accounts work?
Who are children's savings accounts for?
Our children’s savings accounts could support children of all ages – from newborns to teenagers.
We offer different types of accounts for different situations:
- Our Children’s Saver allows the child to add money and access their account when needed (once they’ve reached 8 years of age).
- Our Children’s Trust Saver is where a trustee manages the account. The child can’t make withdrawals themselves. The trustee can only access the money when it is for the benefit of the child.
- Our Junior Cash ISA can only be accessed when the child turns 18. It’s designed for long-term saving for a child’s future.
Can grandparents open a children’s a savings account for their grandchildren?
Absolutely. If you want to do your bit to provide for your grandchildren, you can open a Children’s Saver or a Children’s Trust Saver with us. The government sets the rules around who can open a Junior ISA for a child. Please see our Junior Cash ISA terms and conditions for more details.
How do I open a children's savings account?
You can open any Children's Saver, Children’s Trust Saver or Junior Cash ISA in branch or by post with just £1.
Frequently asked questions
It all depends on what the savings are for.
- If it’s so the child can save up and spend when they like, we offer a Children’s Saver account where it’s easy to withdraw money. Children aged 8 and over can pay in and withdraw money themselves from this type of account. If they’re under 8, an adult must operate the account for them.
- If the savings are to support them when they’re an adult and facing some very different financial priorities, you can set up a Junior Cash ISA which they can’t access before their 18th birthday.
- We also typically offer a Children’s Trust Saver option. This is where savings can be accessed before the child reaches 18, but only by the trustee on the account. And any withdrawals they make must be for the benefit of the child.
Whichever option you or the child chooses, helping young people learn about the benefits of saving can set them up to be smarter managing money in the future. Money doesn’t grow on trees. But it can grow inside a savings account earning interest.
Getting a child bought into the idea of saving could help them grow up to be financially savvy adults.
Yes. Our Children's Saver account can be opened by a child when they are 8 years old. If they are below this age, or you want a different type of children's savings account, the account will need to be opened for the child. You can check by selecting the relevant product above.
A child can open a Junior Cash ISA once they reach the age of 16 if they don’t already have a Junior Cash ISA.
All of our children’s savings accounts can be opened by an adult on behalf of a child at any time.
When a child turns 8, they can open a Children’s Saver account themselves. If they don’t already have a Junior Cash ISA, they can open one when they reach 16.
The Financial Services Compensation Scheme (FSCS) covers children’s accounts. Money placed in a children’s savings account with Skipton Building Society is protected, up to a total of £85,000 per eligible person.
All of our children’s savings accounts can be opened and managed in branch or by post. If you'd like to open an account in branch, please contact your local branch to arrange an appointment.
Other ways to save
If a children’s savings account is not right for you, we have a range of other types of savings accounts. These savings accounts are only available to adults.
You're protected up to £85,000
Your eligible deposits with Skipton Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS), the UK's deposit guarantee scheme.
Jargon Explained
AER
AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest was paid and added each year. All ISA interest is paid tax-free, which means it’s exempt from income tax. We pay all non ISA savings interest gross, which means no tax is deducted. It’s your responsibility to pay any tax due, based on your individual circumstances. Tax rules may change in future. Please be aware that products can be withdrawn at any time and without notice.