InformativeWhat Is The Best Kid's Savings Account? Find The Best Interest Rates With LDV

In this post, we will discuss:

• The Best Kid’s Savings Account From Different Types Of Banks
• How To Choose The Best Child Savings Account In The UK?
• Choosing The Best Nationwide Child Savings Account
• The Best Ways You Can Save Money For Your Kids With LDV

The Best Kid’s Savings Account From Different Types Of Banks

There is quite a number of kids’ savings account available from different banks. Finding the right one can be a challenge for many. However, here at Love Discount Vouchers, we have got you covered. Let’s have a look at the different types of children’s savings accounts.

Easy Access Best Kids Savings Account

This type of account allows you to deposit money and withdraw at any time without notice. It is also best for saving significant sums of money. Interest rates on this account vary from bank to bank. The top 3 banks with the highest interest rate are:

• HSBC - with the child’s savings account you get a 4.25% on £10 to £3,000 positive balance. They offer debit cards and the minimum age to open is 7 years and up to 17 years of age. It’s easy to open if a parent or guardian has an HSBC current account.
• Leeds Ronnie The Rhino Youngsaver - This one offers a 3.9% on £10 to £1m positive balance. No debit card is available, children from 0 - 17 years can have an account. You can apply at the branch or by post.
• Kent Reliance Demelza - offers 3.65% on a £10 to £25,000 positive balance. No debit card is available and children from 0 - 17 can have an account. You can apply at the branch or by post.

Notice Accounts

This account allows you access to funds available for as long as sufficient notice is given, normally around three months. Interest rates on notice accounts tend to be higher than easy-access accounts. This account allows you to save less money each month. There are several choices - what’s best for you depends on how you want your account to be opened and whether you need access to funds.

Halifax offers the highest interest rate of 5.5% and allows you to open an account online, but you can only save up to £100 per month and no withdrawals. Saffron BS charges a 5.05% fee for unlimited withdrawals but can only be opened by mail or branch.

Regular Savings Account

Regular savings accounts need money paid each month to be invested for a period of 12 months. Check out these regular savings accounts you can use for your children:

• Regular savings with First Direct pay up to 7%, the highest savings rate. The rate is fixed for one year and you can save up to £300 a month, but you cannot withdraw - if you withdraw, the account will be closed and you will receive a lower interest rate of 1.3%.
• Alternatively, Barclays Rainy Day Saver Blue Rewards members can earn up to £5,000 by paying 5.12%. It is not a regular savings account (you have the option to pay £5,000 on the first day), so it is more flexible than other accounts. The exchange rate here is different, so you need to be careful.

Fixed-Rate Bonds

This account helps grow your investment. Usually, the money you invest can be kept for longer periods of time - 1 - 5 years. During this time the interest in the account accumulates and increases the money initially invested. The longer you invest your money the higher the interest rate will be.

Junior ISAs

Junior ISAs work similarly to adult ISAs. The difference is that with a Junior ISA, you can only pay up to £9,000 compThe annual allowance can either be paid out into a Junior cash ISA or a Junior stocks and shares ISA or paid out on both. These funds cannot be accessed until the child is 18 years of age.

How To Choose The Best Child Savings Account in The UK

Choosing the best child savings account in the UK really depends on how you would like to manage the money invested, how you would like to access it and how frequently. Let’s have a look at a few things you need to consider:

• Interest rate - This is very important because the main thing when opening a kid’s bank account is that we want that investment to grow. So, looking for a bank that offers the highest interest rate is the best. Be careful though of how long the rate period lasts because some may have a high interest rate at the beginning and have it drop after a certain period of time.
• Encourage to save - If this is your main reason, then you’ll need to consider the regular saver. This is ideal because then it will encourage your little one to save up their pocket money regularly.
• Long-Term Investment - Junior ISAs are more idealistic if you want to lock away money and let it grow until they are 18. This type of account offers a higher return because money is locked away for longer periods and accumulates at a maximum rate.

Getting the best child savings account in the UK will help secure your child’s future and ensure that they get a good start to life when they are older. Don’t hesitate to open one today for your little ones.

Choosing The Best Nationwide Child Savings Account

The FlexOne current account from the Nationwide child savings account helps you manage your money and earn interest for kids ages 11 to 17.

Why choose Nationwide?

• For a positive balance of £1,000, you will get a 2% AER variable.
• Manage your account via Internet banking or a banking application.
• No account fees are charged.
• Able to keep it until your child is 23 years old.
• You have the flexibility of having two cards on your child’s account. If your child is between the age of 11 and 17½ years old you can use the child’s credit card and Visa Debit card.

Choose the Flexi account that best suits your child’s needs at Nationwide.

The Best Ways You Can Save Money For Your Kids With LDV

If you are looking for an easy way to save money, Love Discount Vouchers is here to help. We provide many tools and tips to help you save money easily. Consider a few tips to start your child’s saving journey.

• Determine how much and when you want to deposit into your child’s savings account. Most banks these days have mobile apps that are quick and convenient for you to use. Some will calculate how much you need to save daily, weekly or monthly, helping you track your progress.
• Whether you want to save a small amount or make a big deposit, choose the best savings account from the ones discussed above and see which one best fits your budget and long-term goals for your child.
• You can encourage your child to save a 1p saving contest for a year to see how much they end up with at the end of the year.
• Try a spend-free weekend. Once a month try and have a ‘spend-free’ weekend where you don’t spend on anything. No pizzas or burgers, if you have the ingredients try and make your own at home with your little ones. Could turn out to be fun and not to mention a lot healthier.
• When shopping online see if you can find the best deals or discounts to use. Websites like Love Discount Vouchers offer great discount codes on thousands of brands. Simply sign up and get exclusive deals delivered to your inbox daily.

In this day and age, saving has become easier and more convenient with the options we have available. Now that you have seen the best kids’ savings account, the best child savings account in the UK and Nationwide child savings accounts are easy to find and open, all you need to do is just get the right one for your needs. We hope that this article has helped you in that aspect. Remember: Always be smart with your money.