Compare Children’s Bank Accounts

Children’s bank accounts are now offered by dozens of banks since savings has become quite important and valued habit today which most parents are eager to teach their children at a young age.

Selecting the right type of bank for this type of account is not very difficult. You would only have to do some research and compare children’s bank accounts before you make any decision.

Always select a bank which has a branch situated close to your house. Your child might be interested in visiting the bank from time to time so the locality of the account is an important aspect to consider.

Also, it is always better to go for an account which has a lower amount for opening the account and does not require any type of maintenance fees. You would need to ensure whether or not any fees are charged for the accounts which are not active for a specific period of time.

Do read all the terms and conditions and all the details before you go ahead and get an account with a bank. Consider a bank which offers a higher rate of interest since the child would be encouraged to save more.

If you are unable to find a bank in your locality which offers children’s bank accounts you can also consider getting an account with a credit union or an online bank account. Online banking is also very useful these days since most people prefer to use it because of the convenience that it provides. Get all the information you can and compare children’s bank accounts based on the factors mentioned above before making a decision.

Halifax Children’s Savings Account

Halifax children’s savings accounts basically provide two types of savings accounts for children, Regular saver and Save4it. Basically the regular saver is a good account for those who plan to make regular payments towards the account every single month.

The account offers an amazing rate of 6.00% for 12 months to those who make a specific amount of deposit every month on behalf of heir child. Save4it is a children’s savings account in the real sense. The account is for children under 16 years of age and offers variable interest rate. There is a very small opening balance required for the account. Withdrawals are allowed any time for any amount.

Barclay’s Children’s Bank Account

The BarclayPlus savings account is ideal for children from 11 to 15 years of age. The account holder is provided with a debit card or a cash card in order to allow them to access their money easily. Another savings account offered by Barclay’s is the teen bank account. This bank account is especially designed for children who are 16 to 19 years old. The account holders are provided with a debit card for easy access to the account money.

Bank of Scotland Saving Account

Basically the regular saving account is a good account for those who plan to make regular payments towards the account every single month. The account offers an amazing rate of 6.00% for 12 months to those who make a regular amount of deposit every month on behalf of their child.

HSBC Children’s Account

MySavings is basically an account which is ideal for children from 7 to 17 years old. The account can be opened with a low amount of just 1 pound.

MyAccount is designed for children from 11 to 17 years of age. Children who are aged 11 also have the option of having a current account. A cash card is given to the account holders to allow them to withdraw their money free of charge from any of the HSBC cash machines.

When you compare children’s bank accounts given above, Halifax comes out on top as the true winner because of the rate of interest that it offers.