Children's Savings Accounts

There's usually no tax to pay on children's accounts. However, if in the tax year, the child receives more than £100 in interest from money given to them by a parent, the parent will have to pay tax on the interest if it's above their own Personal Savings Allowance. There may also be tax to pay on income from a trust. For more information visit www.gov.uk (External).

You can apply to open a savings account for a child in any of our branches. Use our Branch Finder to find your nearest Marsden branch.

Yes, you can open an account for a baby or toddler and keep adding to the account until the child reaches 18. The sooner you start saving, the more interest you'll accrue. Additionally, it offers friends and relatives an opportunity to contribute to the child's savings account on special occasions.

Yes, a grandparent can open a savings account for their grandchild. Please note that evidence of personal identity and address will be required before the account is opened.

Our children’s savings accounts can be opened and managed in a branch. Additionally, once the account has been opened in a branch, the trustee can register for eSavings to view the account online.

Whether or not your child can withdraw money depends on the account type. For example, easy access accounts allow flexible withdrawals, whilst fixed rate accounts don’t allow any withdrawals during a set period. Always check the terms and conditions to ensure the account suits your needs before applying.