Children’s savings accounts are pretty much the same as adult ones and are offered by banks and building societies. There are a few differences, but mostly they’re simple, safe cash accounts that usually pay some interest.
You can open a savings account with just £1 for any child aged up to 18.
Children over seven can manage their savings account themselves – depending on the account, they can take money out and pay it in.
There are also tax-efficient accounts called Junior ISAs – more about them later.