Savings accounts for babies

It depends if you want to be able to access the money for your little one and/or how much money you plan to save? ISA cannot be accessed until little one has turned 18 (not so little!) and not many banks do junior ISA. You also have to put a fair amount in to benefit from it being tax free (ie the interest earned). As regular kids savings may have a higher interest rate. I opened up a junior ISA with Tesco Bank (interest rate 4%) and a regular kids savings with Halifax (interest rate 4.5%). Although the interest rates have changed as opened last Sept. Any birthday/Christmas money he gets is put into both accounts and I top his ISA every month. That way he gets a lump sum when he turns 18 and also he can buy things/ put away pocket money when I start teaching about money etc 🤞

Halifax had good ones when I joined

I’ve joined Halifax at the moment the best interest rate I can find for 12 months! Thank you for the advice x

I think the best one I found and what I’m going to open for my little one soon is a nationwide savings account. (If you want to be able to access the money) you get 2 withdrawals a year for the highest amount of interest or more than that for a lower interest rate. So was going to let him get out some money once a year if there’s something he really wants and we can put excess birthday and Christmas money in that account which he can then use towards something.