At Moneywise, our children’s savings accounts are a great way to teach your little ones about the value of money from a young age. Our junior memberships are designed to help nurture your children’s interest and responsibility in money – so they can build great habits for the future!
You can become a member of Moneywise from birth, so it’s a great place to put a little aside for your children, grandchildren and even greatgrandchildren.
Why open a children’s savings account?
Many parents choose to put aside a little money for their children every month to prepare them for the future. This money could be used to go towards university costs, a car, or even a house deposit in future.
Our dedicated children’s savings accounts are designed to be the perfect way to save whilst introducing your child to the value of money. With strict controls over who manages a junior account, your child’s money will be safe and secure with us.
Our children’s savings accounts give your child an introduction to the world of money, whilst allowing you full control.
The maximum withdrawal permitted for a junior member on their own under the age of 7 years without a parent/guardian present is £10. The maximum withdrawal permitted for a junior member who is older than 7 years and younger than 16 years without a parent/guardian present is £50.
If your child was born between 01/09/2022 and 02/01/2011, they qualify for the government’s Child Trust Fund scheme. Find out more.
How to open a children’s savings account
There are a few different ways in which you can open a children’s savings account with Moneywise. Young members must be accompanied by a parent, grandparent or guardian when opening an account, or the parent, grandparent or guardian can open an account on the young member’s behalf.
- Click the button below to apply
- Fill in your details as accurately as possible
- Submit the form
- One of the Moneywise team will be in touch as soon as possible to confirm whether you have been successful
We also operate at school collection points, so schools can promote the benefits of money management to young people at an early age. If the young person joins at a school collection points, he/she does not need to be accompanied by a parent, grandparent or guardian – a signature by the teacher will be sufficient to open an account.
Frequently asked questions
You can be sure that your money is in safe hands with us. We are Regulated by the Prudential Regulatory Authority and Authorised by the Financial Conduct Authority and the Prudential Regulatory Authority, which means that we operate to the same standards as any bank or building society. We are here for you and we always put the needs of our members first.
Instead of receiving annual interest on your savings, members receive a share of our annual profits, known as a dividend. The dividend is paid annually after the annual general meeting. Please note there is no guarantee a dividend will be paid each year.
You can start saving from as little as £1 per week and save any amount up to a total amount of £35,000. Deposits can be made at any local branch or collection point by cash or cheque. You can even set up a standing order or direct debit to make regular payments into your savings account, direct from your bank account. We have arranged with some employers that staff can pay into their savings accounts directly from their wages. Call us to find out if we have a scheme with your employer. If not, we will be happy to talk to your employer about setting up a payroll scheme with them. More information is on our Payroll page.