How many different savings accounts can children have?
No limit. They can have as many savings accounts in as many different banks as they like. Tax is normally deducted by the bank from interest paid. Check with the bank to be doubly sure. As children, they are entitled to tax free interest. If it is already deducted now, they are entitled to claim it back. Read http://www.hmrc.gov.uk/tdsi/children.htm Different banks allow parents to save for their children up to predetermined limits. Investigate other banks. http://www.moneysupermarket.com/savings/ Savings type – choose children’s accounts and name an amount to be saved, and all the possibilities will show up. Your children are very lucky.
