Best Youth Savings Account 2015

As children get older, it's likely they will take a more active interest in money. They'll probably want to manage their money online, which is where youth accounts come in.

Our winner in this category is the HSBC MySavings Account. Although the account has only recently increased its rate from 1% to 3% AER (on 1 September 2014), with such an improvement to the interest rate being offered, we simply couldn't ignore it. "It's a straightforward easy-access savings account that also comes with a current account offering those aged 11- plus a Visa debit card," explains Bowes. "The maximum balance that earns interest is only £3,000, so those who are regularly saving may also need to open a savings account alongside."

Our runner-up is, once again, the Norwich & Peterborough Building Society Family Young Saver account. It qualifies because children from the age of seven can open the account themselves. As before, parents, grandparents and guardians can also save on the child's behalf from any age, as a trustee.

Best Youth Savings Account 2015

Winner: HSBC MySavings Account
Current rate: Amount up to £3,000 = 2.96% gross/3% AER. £3,000 plus = 0.50% gross/AER Age range: Seven to 17
Minimum deposit: £10
Maximum balance that earns interest: £3,000
Access: Easy Access, manage in branch or by phone and online (MyAccount see below)
Other features: Comes with a 'cash' (paying in) book. From age 11, HSBC will also open a current account (MyAccount), which comes with a Visa debit card. Contact: 0800 032 4729
Highly commended: Norwich & Peterborough Building Society Family Young Saver

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