Under 16s savings
Setting up savings for your child You’ll need to set up their first savings account. Your child can then create their own savings accounts going forward.
Under 16s can have a maximum of 20 savings accounts and Pots in total.
Saving sidekicks Under 16s can create a saving sidekick to encourage them to save. Sidekicks rely on regular pennies and pounds to keep them happy – building good saving habits, one penny at a time.
Under 16s also have the option to select an image of their choice if they’d prefer not to use a saving sidekick.
Locking savings accounts Currently only primary parents and guardians can lock and unlock the child's savings accounts. This also means that only primary parents and guardians can close savings accounts that are locked.
Depositing money Currently only the child and the primary parent or guardian can deposit money directly into the child's savings accounts, or set up recurring payments in.
Closing savings accounts Under 16s can close their savings accounts themselves, unless they’ve been locked by the primary parent or guardian. However, children won’t be able to close their savings account themselves if they only have one left open.
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