Never too young to get into the savings habit
Giving your young ones a headstart by starting to save for their future makes good financial sense.
The Virgin Money Young Saver account is the perfect starter account to allow you to save flexibly, whether that's one-off amounts or by putting away a regular sum each month. And you can access your money as often as you like without charge.
You could also get your young ones involved, encouraging them to start saving for something special - helping them understand the value of money.
Frequently asked questions
Most children don’t pay tax, so the interest they receive on any savings will be tax-free.
There are special rules in place with HMRC if the savings have been given by a parent. If gifts from a parent produce more than £100 gross income a year, the whole of the income from the gift is normally taxed as the parent’s income and a child cannot get back any tax on that income. Nor can interest paying accounts be registered to have interest paid without tax taken off. The £100 rule applies separately to each parent. The £100 rule applies to income earned each year and it does not matter whether the fund is comprised of part capital and part added interest. The £100 rule applies as long as income is over £100 in any one year for any one child from one parent.
To open a savings account for a child, the child must be under the age of 16, and a maximum of two adult trustees who are residents in the UK must be named on the account.
Only one child can be named on the account, alongside a suitable adult, who must be a trustee. Different trustees can open separate accounts for the same child.
On 5 April, following your child’s 16th birthday, their Virgin Money Children’s Savings account will be automatically upgraded to an adult savings account.
You’ll be able to tell us whether you want the account to keep the trustee status.
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Wise words from our Money Mentors
Save with confidence
As we are covered by the Financial Services Compensation Scheme, savings with Virgin Money are covered up to £85,000 per person.View the FSCS guarantee