New best buy on children's savings accounts: Halifax Young Saver pays 3% Some good news for savers at last - albeit younger ones. While most savers have seen the rate paid on their money cut in recent months, it is good to see a major bank bucking this trend and boosting the returns paid. It is also good to see the bank is ensuring existing customers don't lose out either. Susan Hannums of Savingschampion.co.uk said: "This is a great account for a child's everyday savings because it can be opened with just £1 and there are no withdrawal restrictions." As a comparison, the best rate adults can get on an instant access account is just 1.7pc - available on Nationwide's MySave Online. The HBOS account is aimed at children aged up to 15. Those aged seven or over can get a cash card so they can withdraw their pocket money from an cashpoint machine. But parents who'd rather this money was saved, not spent, do not have to take up this option. If you child is lucky enough to have savings worth £20,000 or more then Ms Hannums said they should use this account first, but make sure any excess savings are with the Skipton BS. The person opening the account must be over 18, but this can be a parent, grandparent, godparent or family friend. Ms Hannums added that those opening this account should complete a R85 form to ensure that the interest gets paid in full, without 20pc tax being automatically deducted. This of course won't apply if your child has earning in their own name, of more than £9,440 a year. Get the best information on savings emailed to you once a week: Sign up for the money newsletter