Setting up savings accounts for children may not suit quick withdrawals for everyday pocket money requirements but it can be a great way start building a nest egg for the kids. Used alongside Roosterbank it can also be rewarding for your children and encourage them to contribute using some of their pocket money – one of the reasons we created the Safe, for children to put some of their money aside. If you are looking to open a savings account, there are two main types of account – a children’s savings account and a junior Isa.
Below is a list of the top savings accounts for children available currently. We update these on a weekly basis but always check on the provider site as offers change regularly.
Savings Accounts for Children
Things to watch out for:
- Always check the withdrawal terms on savings accounts for children, as some are very strict.
- Minimum and maximum monthly deposits operate on many accounts so work this in with what you think your child can save.
- Kids have a tax free allowance for each tax year. You must fill in an R85 form that your child signs to take advantage of this. Money Supermarket has written a great article explaining children’s savings.
- Check if savings accounts have a fixed or variable rate.
These accounts are compiled from a range of savings account charts across the web. Please note that the charts are updated weekly and are subject to change at any point. If you are looking for more detailed savings account charts we recommend to check out Sylvia Morris’ tables here.