Recommendation on bank/saving account for kids

[Roselil]

Hi,

I've two little kids, money has always been tight with maternity leave and childcare but we've now got ourselves in a more stable financial situation and I would like to start putting money aside for the kids on a bank account or ISA or something that will have a good interest rate and be protected, any recommendations?

Halifax Kid's Regular Saver. You can save £100 pcm at 5.5% interest. If you want to keep the account in your own name, you can save up to £250 pcm.
Look at MSE for alternatives.

If you do decide to open a Junior ISA just be aware that you can't (or can't with mine) take the money out again. Only the child can once they reach 18.

The rules have recently changed on the amount of savings interest you are allowed to earn tax free - especially if you are a higher rate tax payer. If you are saving large amounts in your own name, use an ISA. Again check MSE for the best rates.

I use NatWest Rooster card for my little one. Free if you have an account with NatWest or RBS or £1.99 a month but the app is really easy to use and you can do a refer a friend that earns you £10 and my little one £10 every time someone signs up. The card is glittery and you can add chores to the app to earn pocket money which you can transfer from your own bank. Brilliant - referral code is 7YX3B-J

Nationwide FlexOne Saver is free and pays 5% interesting upto £5000. The child gets a separate FlexOne current account with a debit card. Can do internet/app banking too. No fees.

For age 11 to 17. Kids under 13 need to come into a branch with a parent to open one, kids over 13 can do online.

Just opened one last week for my son, so all the info is fresh in my head.