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Children’s savings.

accounts for children

With young savers everyone counts, even before they can add up.

Start the habit early

Find a savings account for your child.

Your options

Types of children’s savings accounts.

With an instant access account there are no withdrawal restrictions, so your child’s savings can be accessed as needed. Some parents use an instant access account to help develop their child’s financial responsibility, demonstrating how their savings can build up over time and help them to work towards a specific purchase.

A bare trust is where the child retains absolute title to the money and the interest earned. A bare trust account can be opened by parents, grandparents or legal guardians of a child under 18, and they will be responsible for operating the account as trustee(s) until the child reaches 18. All trustees will be required to sign for any withdrawals, amendments, transfers or closure. Any withdrawals must be for the benefit of the child and once the account is open the beneficiary cannot be changed. On closure of the account the balance will be made payable to the child.

A Junior ISA is a tax free children’s savings account, ideal for long term savings. The government set the annual Junior ISA allowance, currently up to £9,000 can be invested each tax year. We offer a cash Junior ISA, only one cash Junior ISA and one stocks and shares Junior ISA can be held per child. We welcome new applicants and transfers-in from other providers. The Junior ISA is available for young savers up to age 18, unless the child has an existing Child Trust Fund, although we accept Child Trust Fund transfers into our Junior ISA.

For young adults we may offer a specially designed Cash ISA to help the transition from junior to adult savings, and help to build tax free funds. The account will be subject to usual Cash ISA rules, such as an annual investment limit set by the government (currently £20,000).

Although the Child Trust Fund, also known as a CTF, has been discontinued following a change in government policy we can still accept transfers into our Junior ISA. For full details about transferring your Child Trust Fund please contact your local branch. For existing Child Trust Fund accounts held with us visit our CTF page.

Get started

How to open a child’s savings account.

If you’re ready to open your savings account by post you’ll need to do the following:

  1. Download, read and accept the terms and conditions, using our savings account finder.
  2. Be an existing member or a new applicant resident in our local postcode areas IP, NR, CO, CM, CB and PE
  3. Read and retain the Financial Services Compensation Scheme (FSCS) information sheet

We will require proof of your identity to open a new account if you are a new customer. For existing members we may request identification, for example if your records with us are incomplete.

Completed application forms should be posted to Suffolk Building Society, Freehold House, 6-8 The Havens, Ransomes Europark, Ipswich, Suffolk IP3 9SJ.


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