Savings accounts for children

Why open a children’s savings account?  

Opening a children's savings account is a great way to teach kids about money, introduce healthy financial habits, and plan for their future.   

Opening an account can help youngsters understand their money and savings. Parents and guardians can start to have conversations with their kids about setting goals, and the importance of planning for the future.    

How does a children’s savings account work at Principality?  

We offer a range of accounts that are suitable for children. Some can be opened on a guardian basis and some on a trust basis. All can be opened and managed by a child from the age of 14. Once opened, the child who is named on the account cannot be changed.  

Guardian Accounts  

Guardian accounts are designed for people with parental responsibility for a child.  The guardian opens an account in the child’s name.  

• There can be up to two guardians named on the account. 
• We address any communications about the account to the child.   
• Guardians need to give consent for any withdrawals or changes to the account. 
• At 16, control of the account automatically transfers to the child. This means the child will operate the account on their own. 
• Guardians can choose to transfer control of the account earlier – from the age of 14.  

Trust Accounts  

Trust accounts are designed for anyone who wants to save for a child. The adult opening the account is known as the trustee. The child is called the beneficiary. Up to four trustees can be named on the account.  

• Accounts are opened in the trustee’s name, with the child linked to the account.   
• We send any communications about the account to the first named trustee.   
• Trustees need to give consent for any withdrawals or changes to the account.   
• Control of the account will remain with the trustee until it’s signed over to the child, usually when the child reaches 18. 
• Trustees can choose to transfer control of the account earlier – from the age of 14.  

How do I open a Principality children’s savings account?   

Children’s savings accounts are easy to set up and manage.  You’ll need to visit one of our branches or agencies to set the account up. Just visit your nearest branch or make an appointment.  

The information in this guide was accurate when published.