Best childrens savings accounts for 2016
If you are looking for the best childrens savings accounts with a high rate of interest and don’t want to make a withdrawal until they are 16 then a Junior ISA is a great option. Children born after 3 January 2011 can have a Junior ISA or those aged under 18 who were born before 1 September 2002. If your child has a Child Trust Fund (CTF) you may want to transfer it to a Junior ISA, see here for more details.
You can put away up to £4080 in the current tax year, this allowance will change slightly for the following tax year. Similar to an ISA the Junior ISA comes in two forms. A savings or stocks and shares account.
You can open a JISA online or in branch. Have a look at the sites below for comparison rates and features. Remember to take your child’s birth certificate and ID for yourself.
Nationwide offers a very competitive rate with 3.25%