These accounts focus on the long-term because money can’t be withdrawn until your child turns 18. 

What do you get in return? 

Junior Cash ISAs tend to pay more interest than regular child saving accounts.

Is there a deposit limit?

Yeap, £4,128 a year. 

Side note: The government sometimes changes this year to year.

Who can open the account?

Parents of the child who will also manage the account (usually online). 

Who can deposit into the account?

Anyone. A good way to boost the account’s balance is to ask family to deposit on your child’s birthdays or at Christmas instead of buying presents. 

Who does the money belong to?

Your child and when they turn 18 they can take out any money.  

Which are the top rate Junior Cash ISAs?  

Most banks offer 3% interest including Halifax, TSB, Nationwide, … 

Side note: The rate is variable which means it can change but since we are currently at rock bottom interest rates it is more likely to go up than down in the future.

Anything else?

You can also open a Junior Stocks & Shares ISA and enter long-term investments for your child which may grow at a faster rate than interest on savings. However, it’s wise to open this as well as a Junior Cash ISA because it’s best to have a mix of savings and investments (the same goes with your own money management!).