The best internet savings accounts for kids

Most children of this day and age are much more internet savvy than their parents. This means opening an internet account they can operate from home makes more sense than you would probably think. With all the major high street banks and financial institutions offering some form of internet accounts for children, it is just a case of finding one that suits your children needs.

One of the best internet savings accounts for children is with the HSBC bank. The MySavings account is available for children aged between 7 and 17 years old. Children have limited access to their bank account online although their parent or guardian can have full access to their balance and statements. Obviously, a child's account does not have an overdraft facility but they do have competitive interest rates to encourage your child to save their money, as oppose to spending it. HSBC also offer the MyAccount for children aged between 11 and 17 years old. This also has limited access to online banking for the kids as well as an ATM card with a £50 withdrawal limit. If they have their parent's permission, when the kids reach 13 years old they will be issued a debit card which allows them to make purchases in shops and online. Both these accounts have paperless statements as all relevant information is available online.

Another of the best internet savings accounts for kids is offered by the Co-Operative Bank. Unlike the HSBC account, the Co-Operatives future fund account encourages children to save their money. This account is available for all children aged under the age of 16 years of age. It is subject to the HM Customs agreed tax relief, put in place for all children's accounts. This account can be accessed through a branch but parents have access to a full range of services online including the capability of transferring money from their own account in to their child's.

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