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Our children's account explained

Whether you want to save for a child’s future, or open their very first account, our Children's accounts are designed to provide that all-important head start in life.

It's never too soon to start saving

If you’re a parent, grandparent, aunt or uncle, or you want to start saving for a child’s future, the Virgin Young Saver account is designed to provide that all-important head start.

With us, you can save when you want to or put away a regular amount each month.

The money you save could give your young one a good financial future while also helping them to:

  • Understand the value of money.
  • Improve their education.
  • Save for something special.

Get them involved

  • Use a piggy bank to encourage your child to start saving. They might want to do some jobs for pocket money, save any cash they’re given for birthdays or Christmas, or even collect any pennies fallen down the side of the sofa! Then, every month, empty it out with them and count the money they’ve saved — you’ll be surprised how quickly it adds up.
  • Remind your first time savers to resist spending what they’ve set aside straightaway. Putting away at least half of what they’ve saved each month in their own account is a good idea. You could even help them take what they’ve collected to the bank.
  • Encourage your children to watch their savings account balance grow until there’s enough to buy something they really want.
  • When they’ve put aside enough for what they want to buy, help them save even more money by shopping around to find a bargain. Teaching them to look for items cheaper online, or in a different Store, means they could have a bit more money left over to put towards something else.

Little money earners

  • Make the bed
  • Set the table
  • Clear the dishes after dinner
  • Sweep the floor
  • Load the dishwasher or wash up by hand
  • Feed the pets
  • Keep their room clean
  • Take the bin out
  • Cut the grass
  • Wash the car

Things you might like to know

Before you decide which account is right for you and your young one, here are a few things you might like to know about saving for children.

Tax

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.

16th birthday

The Virgin Young Saver account will be automatically transferred into an appropriate adult savings account on 5th April, following the child’s 16th birthday.

We’ll ask you whether you want the account to retain the trustee status.

What next?

Find an account online

View all our savings accounts online and apply for one now.

Book a Store appointment

Come into one of our Stores and talk to us about our accounts.

Talk to us over the phone

Call us to discuss our range of accounts on 0345 600 4466.

Call charges and information

NumberCost
03 numbersSame as calls to 01 or 02 numbers and they are included in inclusive minutes and discount schemes in the same way.
084 numbersMaximum of 7p per minute, plus your phone company's access charge.
087 numbersMaximum of 13p per minute, plus your phone company's access charge.
0800 numbersFree from UK landlines and personal mobile phones.

Calls may be recorded for training and quality purposes.

Looking for something else?

Cash ISAs

As you don’t pay tax on the interest you earn, it’s a great way to make the most of your savings.

Read more about Cash ISAs

Limited Access accounts

If you don’t intend to make lots of withdrawals, or you know in advance when you'll need your money, you could make your savings work harder with one of our limited access accounts.

Read more about Limited Access accounts
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