Go paper-free
Amend paper-free preferences for your statements and correspondence.
Start saving for your child’s future
There are lots of ways you can prepare for your child’s financial future.
From opening savings and investment accounts, to setting up a child pension. We’ll guide you through what options might be right for your family.
The importance of teaching your child to save
Opening a savings account for your child can help them learn about managing their own money. Why not encourage them to save for something special that they want?
Some of the benefits your child could get from a savings account include:
- Earning interest on their money.
- Having a safe place for their savings.
- Helping them work towards a savings goal.
- Building a savings habit from a young age.
- Supporting financial security in the future.
Children's savings accounts
Even if you put away a small amount, over time you can accumulate interest and potentially help them afford a special item. Such as deposit for a car, or their first flat.
Investing for the long term
If you’re looking to give your child financial stability in the future, there are many options that could work for you.
Child Trust Funds and Junior ISAs
Children born between September 2002 and January 2011 may have a Child Trust Fund. In 2010, these were replaced by Junior ISAs, but if they already had a trust fund you can still pay into it. Or parents and guardians have the option to transfer savings into a Junior ISA.
When the child reaches 16 years old, they can apply to manage the Junior ISA themselves. If they don’t, parents or guardians manage the account until the child is 18 years old. Then it can be cashed out or it can be transferred into an adult ISA.
Check if your child has a trust fund on the government website.
Child pension
A parent or legal guardian can set up a child pension for them to access at retirement. Currently they can access their money at age 55, but this will change to 57 in 2028. It might change again in the future.
Save up to £2,880 tax free each tax year into a child’s pension. The government will add 25% tax relief. This means your total tax-free savings every year could be as high as £3,600. Any growth will also be tax free.
Just like any other investment, the value can go up and down. Speak to a financial adviser before setting up a child pension.
Our partners at Scottish Widows can help you find out more about Junior Personal Pensions.
Premium Bonds
The UK government issues Premium Bonds. Instead of earning interest, these savings bonds offer a chance to win tax-free prizes. A parent, legal guardian or grandparent can buy Premium Bonds for children under 16 for as little as £25. The maximum holding level is £50,000.
Wills and inheritance
You might want to think about the financial plans you have for your children in your will. You can set out if you want to leave any money to them and at what age they should get full control of the inheritance.
You could also decide if your children should be beneficiaries of any policies you might have taken out.
Find out more about wills and inheritance on the Citizens Advice Scotland website.
The information on this page is correct as of January 2025.
Extra support
Savings calculator
Try our calculator to find out how much you need to put away to hit your savings target.
Tips to help you save
Get helpful information on how you can grow your savings and cut your spending.
The right plan for you
Whatever stage of life you’re at, we could help you make a financial plan that’s right for you.
