Understanding accounts for young children

Parents often ask at what age they can open accounts for their offspring, and what kinds of accounts are available. The British Bankers' Association has produced this guide to help answer questions you may have in this area.

What special accounts are available for children?
There are a variety of accounts on offer for children, most of which are savings accounts.

What is a savings account?
A savings account is designed for anyone wishing to save regularly. Saving can be used as a means of putting money aside for the future. An adult could set up a savings account for a child to help pay for school fees, driving lessons or University. Savings accounts are particularly good for this purpose as they offer higher rates of interest than current accounts.

A variety of savings accounts are available depending on how accessible you want the savings to be.

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