Building Society accounts for kids

The baby is now 3 months old, and needs a savings account – so I’ve had a wander through the web pages of most of the Building Societies in the UK to find the best deal.

Notes:

  1. All interest rates listed below, by chance, are variable
  2. All interest rates shown are gross (you’ll need to complete the R85 form)
  3. Some accounts have limitations on the postcodes of accountholders
  4. I didn’t consider accounts which had long limitations on withdrawals (such as “no account closure until the child’s 16th birthday)
  5. No guarantees about the completeness or accuracy of this list!
  6. There’s a complete list of Building Societies at the Building Societies Association website

The short answer

Earl Shilton BS
Acct: “Foundation” (leaflet)
2.25%
Annual interest, 3 withdrawals per year
Minimum: £250. Maximum: £12k

The long answer

Barnsley BS (part of Yorkshire BS)
Acct: “Falcon First”
1.75% variable
Instant access, unlimited withdrawals
Branch or post

http://www.barnsley-bs.co.uk/save-invest/savings/children/falcon-first-rate.html

Chelsea
Acct: “Ready Steady Save”
2% variable
Annual interest, instant access
Branch or post

http://www.thechelsea.co.uk/savings/invest_kids_intro.html

Chorley BS
Acct: “Young Chorlean”
2% variable (2.1% over £5k)
Annual interest, instant access
Branch or Post

http://chorleybs.co.uk/index.php?option=com_content&task=view&id=215&Itemid=556

Earl Shilton BS
Acct: “Foundation”
2.25%
Annual interest, 3 withdrawals per year
Minimum: £250. Maximum: £12k

http://www.esbs.co.uk/young-saver-accounts.html#two

http://www.esbs.co.uk/uploads/files/esbs%20foundation%20account%20leaflet.pdf

Leeds BS
Acct: “Dinosaver”
1.75%
Annual interest, instant access
Branch or post

http://www.leedsbuildingsociety.co.uk/savings/dinosaver.html

Loughborough BS
Acct: “Young Savers +”
2.2%
Annual interest, instant access
Branch or post

http://www.theloughborough.co.uk/savingsdetail.php?recordID=31

Newbury BS
Acct: “Young Saver”
1.65%
Annual interest, instant access
Branch or post

http://www.newbury.co.uk/savings/products/young-saver.html

Nottingham BS
Acct: “Young Savers’ Club”
1.75%
Annual interest, instant access
Branch only

http://www.thenottingham.com/main.asp?p=1341&savingID=22

Scottish BS
Acct: “Young ScotSaver”
1.75% (2% after 2 years, 2.25% after  years)
Annual interst, 90 day notice

http://www.scottishbldgsoc.co.uk/view_Subproduct.asp?fld_product_id=4&fld_sub_product_id=17

Skipton BS
Acct: “Leap Account”
1.8%
Annual interest (child’s birthday). Instant access

http://www.skipton.co.uk/savings_and_investments/childrens_savings/leap_account/

Maximum: £6k

Stafford Railway BS
Acct: “First Track”
2%
Instant access.
Minimum: £250 (customers outside ST15 – ST21). Maximum: £10k

http://www.srbs.co.uk/p/our_accounts.php

Yorkshire BS
Acct: “One Day”
1.74%
Instant access
Branch only

http://www.ybs.co.uk/savings/interest_rates/oneday.html

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Filed under money : Comments (0) : Aug 2nd, 2009

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