Best option for child savings currently?

[SeasonalWitch]

I’m not up with financial matters in the slightest but I want to open a savings account for my 12-year-old who only has a Starling Kite Space that we put her monthly pocket money in. All the birthday/Christmas money she’s given is stuffed in a piggy bank.

What are the best options at the moment?

I have an HSBC Premier account, so I can open a child Premier MySavings account for her with them, if that’s a good choice.

Thanks in advance.

What is the purpose behind the account?

1. To gain high interest?
2. To open up conversations on financial literacy and money management with your child?
3. To ring fence funds in their name for specific purposes which you ideally do not wish they them to have open access to?
4. Just ease of use?

Each of these are valid - but they might tilt you towards different options. If you said a bit more about what it is that you are after people can advise.

Thanks combusting.

This account will just be for her to learn to save for the longer term. High interest obviously a bonus.

Then this is well worth a read:

Top children's savings accounts: 5.8% interest (moneysavingexpert.com)