Savings for children

If you’re a parent or grandparent, you’ll know that most children find spending money easy – especially when it’s your money they’re spending. So if you’d like to encourage positive savings habits that will stand your children in good stead in the years to come, then you (and them) should start right here.

Unfortunately, saving doesn't come quite as naturally as spending, especially around Christmas and birthdays. That's why we offer two great ways to save for, and with, the next generation. It's easy to get godparents, grandparents and friends involved, too - you could encourage them to match what your children save.

Young Saver

Open an account with £1 or more.
Variable interest can be paid without deducting income tax, if the child's parent or guardian registers the account to receive gross interest
You must have a TSB current account to open a Young Saver Account on behalf of a child
Only one Young Saver Account can be opened for each child.

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Junior Cash ISA

For children under the age of 18
Open from just £1
Once the child reaches 18, the account will mature into an adult ISA.
3.25% tax free/AER variable

Withdrawals aren't permitted prior to maturity at age 18 (unless the child is diagnosed with a terminal illness and permission is given by HMRC to make withdrawals)

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