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Know the tax implications If it's their own money, children can earn the same 17,000 a year in interest as adults before it gets taxed.Yet as they get older there's another valuable lesson to be learned.Access once the account is open is in branch only.Q, can I get interest on my current account?Edited by, updated Weekly, children can earn up.5 in the top savings accounts yet many have cash in accounts paying dismal amounts.That means both can earn up to this amount in interest before it gets taxed.This may sound like a tough message to teach kids, but it's crucially important.Make any more and the rate drops, so if your child's likely to need frequent access, the other accounts in this guide may be better picks.Interest is paid annually coupon code for big fish casino or monthly.In practical terms this means you could put up to 6,600 in the 3 top paying children's account (3,300 per parent and it wouldn't be taxed, as that would generate around 99 each.That doesn't just deprive them of interest, but the chance to learn the valuable lesson that your money can work for you.The R85 stays in place until 5 April following your childs 16th birthday, after which, your bank or building society will ask you to fill out another one to ensure tax is not deducted off the interest.
Pays 3 on 300 to 2,000 and comes with a debit card for those aged 11 Santander* a1 chimney sweep spokane 123 Mini Current Account If your child's 11 or over the Santander* 123 Mini Current Account pays a decent 3 AER if you have 300 to 2,000.
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