The new 123 ‘mini’ current account pays three per cent tax-free on balances between £300 and £2,000 and is available to children from birth up until they reach adulthood.
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But if you can’t decide, the Santander 123 Mini account offers a bit of a compromise. It works like a standard child’s current account but, unlike its competitors, it pays a tiered rate of interest depending on how much money you have in the account. Here’s how it works.
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123 mini current account: This account is aimed at children, paying a variable rate of interest on balances up to a certain threshold. You can choose either a debit card or a simple cash card, and there’s no fee.
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The new 123 Mini, available for anyone up to the age of 18, pays a market-leading rate of up to 3pc interest tax-free
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The kids current account that helps young people take their first steps to financial independence. Learn more about our 123 Mini and apply online now.
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HSBC – 5% on up to £3,000. Santander – up to 3% on up to £2,000. Looking for a card that children can use abroad? Our top-pick cards for under-18s offer near perfect exchange rates, plus most let you set spending limits and monitor via apps. Why should I get a card for my child?
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Santander 123 Mini* 1% if you've £1 to £999.99. 2% if you've £1,000 to £1,499.99. 3% if you've £1,500 to £2,000. 0% above £2,000. Yes. More info. 13-17: Must apply online
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Santander's the only one most can open online, but it only pays the most if you've a specific amount of savings in it... - Santander 123 Mini* pays 3% AER variable but only on £1,500 - £2,000. Age 13 to 18 (0 to 18 if parent banks with Santander)
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The Santander 123 Mini Current Account is available for teenagers aged between 13 and 17. Some of this account's main features include monthly interest worth a 3% annual equivalent rate when the balance reaches £1,500.
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When you open a 1I2I3 Mini Current Account you become part of 1I2I3 World, giving you access to a range of 1I2I3 Offers. When applying for future products, if you’re accepted and there is an associated 1I2I3 Offer, you’ll automatically qualify.
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