A Demelza children’s saving account could help invest in a child’s future

A Demelza children’s savings account can help to build a nest egg for children and at the same time teach them important life lessons on managing money wisely. Helping children save is a great way to prepare for their future. They could use the funds towards the cost of education or a deposit on a first car or home. Putting funds aside for a child will also give you peace of mind that they'll have some financial security and good habits as they enter adult life. In addition, Kent Reliance makes an annual donation to Demelza Hospice for Children* equivalent to 0.25% of the total average balances held in our children’s accounts.

How does the Demelza children’s saving account with Kent Reliance work?

1. It’s for under 18s only

A child has to be under 18 to be eligible for this account. Where the account holder is under the age of seven, an adult is required to open and manage the account on the child’s behalf. After the age of seven, a child can operate the account themselves.

2. The interest earned is on a variable rate

A variable interest rate means it can change at any time and can go up as well as down. The most up to date information can be found on our interest rates page. Where interest is payable, it's calculated daily and can be credited either monthly or annually to a children’s savings account or a nominated UK account held in the child’s name.

3. You can make deposits and withdrawals

You’ll need a minimum deposit of £10 to open a children’s savings account and the maximum amount that can be paid in to the account is £25,000. Withdrawals can be made without notice or penalty within the applicable limits but must be for the benefit of the child.

4. It can be opened and managed in branch or by post

You decide how to open and manage your account. You could pop into your local Kent Reliance branch or do everything through the post if that’s easier for you. Once your account is open, you can pay in by cash (in branch), cheque or bank transfer and make withdrawals by cash (in branch) or electronic payment.

5. After a child turns 18, they will be able to manage the account

Once a child has reached 18, they'll be able to manage their savings account entirely independently. Any operator will be removed from the account and the sole responsibility for the account will lie with the named account holder.

Learn more about the Demelza children’s savings account or find out about the different types of savings accounts Kent Reliance offers, including savings, ISAs and bonds.

*Demelza Hospice for Children is a registered charity (number 1039651), for more information please visit www.demelza.org.uk.

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