Babyready accounts

Saving for children

Savings 101. Learn about different savings options available on the market.


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Stocks & Shares ISA with  Interactive Investor

A Stocks and Shares ISA (Individual Savings Account) could potentially give you better returns than a traditional savings account, although this can’t be guaranteed.

Investments within an ISA are protected from UK income tax and Capital Gains Tax. You can also access your money at any time.

Stocks & Shares ISA with Shepherds Friendly Society

A simpler way to save so you can plan for your family’s future, along with insurance products that cover lives, lifestyles and income.

Please keep in mind that when you take out an investment product with us your capital is at risk and you may get back less than you have put in.

Savings Account Types

What are the types of savings accounts available?


Individual Savings Accounts (ISAs) can give you somewhere to keep your money and benefit from tax advantages.

For the 2021/2022 tax year, the ISA limit is £20,000 and you won’t need to pay tax on the interest your ISA earns. There are a range of different ISAs available​.


  • Any interest you earn is tax-free
  • If you choose an easy-access ISA you can still have instant access to your cash
  • You can make regular monthly payments or occasional lump sums, depending on what suits you


  • You can only put in up to a maximum of £20,000
  • The best interest rates are only available if you tie up your money for a fixed term
Regular Savings Account

Regular savings accounts tend to run for 12 months, and require you to pay in a set amount each month.

There are usually stricter rules about how much you can pay in and take out. Usually not allowed to access your money during the 12-month term.


  • Attractive interest rates
  • Low minimum monthly payments


  • Inflexible as you’ll usually have to pay in money regularly to the account
  • Unsuitable if you need emergency access to your money
Easy Access

Easy access savings allow you to dip into your savings at short notice with no penalty. Also known as instant access savings accounts, these types of account are simple bank accounts that let you earn interest on your balance. You can deposit as much cash as you like into the account – at any time – and withdraw it whenever you want, without having to pay any fees or charges. Many of these accounts also come with a bank card you can use to make ATM withdrawals and pay for purchases.


  • Immediate access to your money at any time, free of charge
  • Deposit as much cash as you like, whenever you like
  • Very small initial deposit


  • Low variable interest rates
  • You may have to pay tax on the interest
Junior ISA

While a parent or guardian must open the account, the money belongs to the child. But they can only withdraw the money after turning 18.

Anyone (family and friends) can contribute to the account. JISA is ‘tax-efficient’ and free from any liability to Capital Gains or Income tax.


  • Any interest you earn is tax-free
  • Anyone (including grandparents, other family members or friends) can contribute to a Junior ISA
  • You can make regular monthly payments or occasional lump sums, depending on what suits you


  • You can only put in up to a maximum of £9,000 each tax year
  • Savings put away until a child reach 18
Fixed Rate

A fixed rate bond is a type of savings account that lets you put your money away for a set period of time in return for a fixed amount of interest on your cash. Rates can be attractive, but you won’t be able to access your money for the duration of the bond term.


  • Know exactly how much interest you’ll earn at the outset
  • The interest rate is fixed for the full term, so you won’t be affected if interest rates go down


  • You could miss out on more attractive rates if interest rates go up during the term
  • You can’t make additional contributions or withdrawals during the agreed term



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