Children’s savings.
accounts for children
With young savers everyone counts, even before they can add up.
It’s never too early to help your child on the road to financial freedom. Whether they’re a pocket money splurger or a spare change stasher, we have a range of accounts to make it as easy as possible.
Children’s savings accounts also offer a helping hand for parents to plan for those future expenses, and it’s simple and convenient for extended family to make cash gifts or bequests.
Account Name
Rate
Rate Term
Withdrawals
Balance Restrictions
Type
Full Details
Junior ISA (Cash)
Save for a child tax-free, knowing it’s locked away until they turn 18. Parents and young people aged 16+ can open this account.
Variable
Save for a child tax-free, knowing it’s locked away until they turn 18. Parents and young people aged 16+ can open this account.
Rate
1.70%
Tax-Free***/AER**
Rate Term
N/A
Withdrawals
No withdrawals until 18th birthday
Minimum Balance
£10 –
Variable
Family Tree (Trust) – Saving for children under 18 years
Save for a child, knowing the money is always theirs, and there’s limited access. Parents and grandparents can open this account.
Variable
Save for a child, knowing the money is always theirs, and there’s limited access. Parents and grandparents can open this account.
Rate
1.70%
Gross*/AER**
Rate Term
N/A
Withdrawals
90 days’ notice or penalty
Minimum Balance
£10 – £50,000
Variable
Suffolk Young Saver
Start to manage your own savings as you grow up. Parents can open the account for young people aged 0-10. Those aged 11-15 will need a parent present. Those aged 16+ can open the account themselves.
Variable
Start to manage your own savings as you grow up. Parents can open the account for young people aged 0-10. Those aged 11-15 will need a parent present. Those aged 16+ can open the account themselves.
Rate
1.70%
Gross* / AER**
Rate Term
N/A
Withdrawals
Unlimited withdrawals in the year
Minimum Balance
£10 – £15,000
Variable
Stepping Stone ISA (16-20)
An ISA that can be opened and managed by people aged 16-20.
Variable
An ISA that can be opened and managed by people aged 16-20.
Rate
1.70%
Tax Free***/AER**
Rate Term
N/A
Withdrawals
Unlimited withdrawals in the year
Minimum Balance
£10 – £250,000
Variable
Gross*
The rate paid with no income tax deducted. For more information on your Personal Savings Allowance, please refer to www.gov.uk
AER (Annual Equivalent Rate)**
A notional rate which illustrates what the gross rate would be if the interest was paid and compounded once each year.
Tax Free***
Interest is free of Personal UK Income Tax, your Personal Savings Allowance and Capital Gains Tax
Start the habit early
Find a savings account for your child.
Using our handy savings account finder you can look at our range of currently available accounts for young savers and find out our savings interest rates.
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.
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.
Keen to get started? Our children’s savings accounts are currently available to open in branch or by post. If you’re looking for more information on how to open your account we’ve put together a helpful guide.
If you’re ready to open your savings account by post you’ll need to do the following:
- Download, read and accept the terms and conditions, using our savings account finder.
- Be an existing member or a new applicant resident in our local postcode areas IP, NR, CO, CM, CB and PE
- 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.
Building relationships
“
Excellent service always at Woodbridge. Welcoming staff at the branch.
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I always use Nacton Branch for any transactions. They are always most helpful and nothing is too much trouble, even when I need them to explain things they take the time to help me to understand. Lots of different staff but always lovely.
Savings member via
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I contacted my local branch with regards saving, I was dealt with politely and with clear information. My cheque was cleared quickly and the transaction confirmed by telephone
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Find the right savings account.
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Keep up to date
Savings news.
Our blog contains the latest goings-on and updates across the Society, so here’s where you can check out our latest savings news.
Or, if you want to see more than just savings, take a look at all of our blogs.
Update following Bank of England Base Rate change in August 2022
Update following Bank of England Base Rate change
How to help children cope with stress about money by Faith Archer
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Interest rate changes following the base rate change in February