You may also want to open a children’s savings account for short- or medium-term goals, such as a big-ticket item like a computer, tablet or musical instrument that you want to encourage your child to save for themselves.
Your reasons for opening a savings account for your child will inform what type of savings account you choose to open.
Children must be at least seven years old before they can open a savings account for themselves, although this varies between different banks and building societies, so it’s worth checking the details. If your child is under seven, a parent, guardian or grandparent must open and run the account on their behalf. You can also still choose to do this if your child is over seven.
Another thing to check is when your child’s savings account will end, as some end before a child is 16 or 18 – when they turn 11 or 13, for example.
What is needed to open a child savings account?
You will need various documents to open a children’s bank account:
- Their birth certificate
- If you’re opening an account with a bank or building society you don’t bank with as an adult, you’ll need to provide your proof of ID, such as your passport or driving licence, as well as a bank statement or utility bill
Before the pandemic, opening a child savings account meant visiting a branch. Now, you can open an account online, depending on the provider, by providing a photo of your child, photo ID and proof of address.
Can I open one savings account for two or more children?
No. Like adult savings accounts, a child savings account is unique to them. So if you want to save for more than one child, you’ll have to open separate savings accounts for each of them.
At what age can a child open a children’s savings account?
Your child usually has to be over seven years of age to open their own child savings account. If they’re under seven, a parent, guardian or grandparent should open the account on their behalf, and will normally administer the account until the child reaches the age of 16. This will depend on the type of account you open and the service provider, so it’s best to check the specifics.
When can a child take over control of their savings account?
When a child can take control of their savings account really depends on the type of child savings account you open and the provider you open it with.
There are two instances, however, where the age is set in stone. If your child has a child trust fund or a Junior ISA, they take control of their account when they turn 16, although they can’t access their money until they turn 18.
Can grandparents open savings accounts for grandchildren?
Yes, grandparents can open savings accounts for their grandchildren. You’ll need to provide the correct documentation to open the account, including your grandchild’s birth certificate and your ID and proof of address if you’re opening an account with a bank or building society where you’re not a customer.
If you want to contribute to your grandchild’s savings, you can gift up to £3,000 per child per year without paying inheritance tax (although it’s worth noting that no tax is due on gifts made more than seven years before your death). If you don’t gift the full £3,000, the difference can be carried over for one tax year.
