What are your long-term aims?
Are you:
You may find our Decision tree helpful.
Saving for your child's future
Starting early gives you the opportunity to save money in a high interest account, where it will earn a better rate of interest over a longer period of time. Building Society savings accounts are one option. You could consider one of the following alternatives:
Starting your child's first savings account
A great way to help children to learn more about saving and managing their own money is for them to have their own account. We have created a savings account especially for children. Our One Day account is open to all young people under the age of 21, can be opened with as little as £10. If the child is 7 or under, a parent or guardian is required to act as trustee, operating the account for the child.
Alternatively, you could consider a Child Trust Fund, the Government savings initiative for children born on or after 1st September 2002.
Giving your child the Freedom to manage their own money
Available for 12 to 20 year olds, our new Freedom account is the ideal way to introduce a child to the art of money management. It is a branch-based regular savings account that comes with a LINK cash card, so it's easy to withdraw money independently when needed.
Tax benefits
Like everyone else your child has a personal tax allowance, and if his or her income each year does not exceed this allowance he/she may be eligible for interest to be paid without tax deducted on his or her savings account. You will need to tell us if your child is a non taxpayer by completing an R85 form, which you can get from one of our branches when you open an account. Details of eligibility and allowances can be found on the HM Revenue & Customs website.
If your child does not pay tax, it is important to compare the gross rates of interest available (i.e. before tax is deducted) as opposed to net before choosing an account.
Child Trust Fund accounts are automatically tax-free so you won't need to complete an R85 form for this account.
Yorkshire Building Society is one of the largest building societies in the UK. We offer a range of financial products and services including: savings & investment accounts, insurance products, credit cards, loans, mortgages and more.
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Yorkshire Building Society is authorised and regulated by the Financial Services Authority (FSA).
