The 11 best children’s savings accounts to consider in 2019

The 11 best children's savings accounts to consider in 2019

CHILDREN’S savings accounts are probably the last thing most sleep-deprived parents will be thinking about, but it’s important to start putting a little cash away for your kids’ future as early as you can.
Here’s what you need to know and a comparison of the best children’s savings account in 2019 from regular savings accounts and easy-access options to Junior Isas.
Getty – Contributor The Sun Online’s guide will help you find the best rates for your children’s savings
Mums and dads who get into the habit of saving for their kids on a regular basis will have built up a handy nest egg by the time their childnre leave school, according to Andrew Hagger from MoneyComms.
Savings accounts for children work in a similar way to adult ones though interest rates tend to be higher.
So if you want to start putting some of your hard-earned cash away, where should you be looking?
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Here are the best-paying accounts on the market, according to research by MoneyComms – all data correct as of September 13, 2018.
What are the best children’s regular savings accounts in 2019?
Regular savings accounts require parents to put a minimum amount of money away monthly.
Typically it ranges from £10 to £100 a month for a year. They tend to offer the highest rates, but because the amount you save builds up slowly the total interest you earn is limited.
Bear in mind that if you miss a payment or need to withdraw cash during the period you might lose the rate.
So make sure you’ll be able to fork out the cash during the time period.

Rate: 4.5 per cent fixed for 12 months
Min deposit: £10 per month
Max deposit: £100 per month
Based on £50 per month saved over 12 months your balance (including interest) would be: £614.53

Saffron Building Society Children’s Regular Saver – Apply Here

Rate: 4 per cent variable
Min deposit: £5 per month
Max deposit: £100 per month
Based on £50 per month saved over 12 months your balance (including interest) would be: £612.92

Rate: 3.5 per cent fixed for 12 months
Min deposit: £5 per month
Max deposit: £100 per month
Based on £50 per month saved over 12 months your balance (including interest) would be: £611.32
Top tips for teaching kids to saveMAKE saving fun – try these tips to get your kids started:

Match your children’s savings on a pound for pound basis
Get your kids to put some of their pocket money into a piggy bank
Then take them to the bank every month to pay it in – get them used to the habit of saving and seeing their balance grow
Draw a chart on their wall and colour it in as the balance grows to keep them interested and so they can monitor their progress.

What are the best children’s easy access savings accounts in 2019?
Easy access savings accounts are a good choice if you want your child to be involved and learn about saving.
Mr Hagger said: “Get your child interested in saving as soon as they are old enough to understand.
“If they grow up as a saver they’ll hopefully not become reliant on expensive overdrafts and credit cards like the generation before them.”
Easy access accounts are a good place to start as they allow you and your child to add and withdraw cash at any time, but you’ll get lower rates because the money is always readily available.
Encourage your child to put away a portion of their birthday and pocket money.

Santander 123  – Apply HereRate: Three per centInterest earned on £1,000 balance over 12 months: £30

HSBC Mysavings – Apply HereRate: 2.96 per centInterest earned on £1,000 balance over 12 months: £29.60

Nationwide Future Saver – Apply Here Rate: 2.5 per cent (or 3.5 per cent if parents have a main account with Nationwide)Interest earned on £1,000 balance  over 12 months: £25

Halifax Kid’s Saver – Apply HereRate: Two per centInterest earned on £1,000 balance over 12 months:  £20

What are the best easy-access Junior Cash Isas in 2019?
Junior Isas (Jisas) are tax-free savings accounts for kids under-18.
They allow parents to save money free from tax either in cash or by making investments.
Getty – Contributor Children can earn up to 4.5 per cent in the top savings accounts
At the moment, parents can save up to £4,260 per year on behalf of each of their children.
Once the child turns 18, the Jisa automatically converts into an adult Isa and the child has full control over the money.

Coventry Building Society – Apply HereRate: 3.60 per centInterest earned on £1,000 balance over 12 months: £36

TSB – Apply HereRate:  3.25 per centInterest earned on £1,000 balance over 12 months:  £32.50

Tesco Bank – Apply HereRate: 3.15 per centInterest earned on £1,000 balance over 12 months: £31.50

Halifax – Apply HereRate: Three per centInterest earned on £1,000 balance over 12 months: £30

Will savings rates rise in 2018?THE fact that banks have started to offer much better rates on these children’s accounts is a good sign that customers might be able to make better gains on their savings soon.The government has now stopped two schemes that gave money to banks to then help out small businesses.
As these schemes have stopped the banks can no longer rely on free money from the government so they will be looking to savers again to make money.
To entice savers back they will likely offer much better interest rates than have been seen in recent years.
Saving rates are still poor for the moment with Santander offering as little as 0.25 on its Esaver Isa, while the equivalent account in 2012 was paying out 3.3 per cent.
But interest rates, such as those on kids’ accounts, are a good sign that there’s hope for savers in the near future.

Savings accounts are not the only way you can save for your child’s future.
By saving into a pension from the time your child is born you could make your child a millionaire by the time they are 64 with just £60 a week.
Savers have had a dismal time of it in recent years – but there are signs that rates are slowly starting to improve.

RATE RISE Interest rates could go up TWICE this year – but how will it affect you?

The Sun Online took a look at the best-paying accounts on the market which will give you the most bang for your buck.
We’ve also looked at how to find the best mortgage deal for your first home.
Here’s what you need to know about finding a first-time buyer mortgage.
10% of Brits admit to being ‘bad’ with their money

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