“They can make unlimited withdrawals from it, and once your child reaches 11, they also get a MyAccount current account, which comes with a Visa debit card and can be managed online.
“If they’re aged 11 to 18, the Santander 123 Mini account pays three percent on £300 to £2,000 and gives a contactless debit card to use in shops.
“However, if your child is under 13, you need to have a Santander current account and open it for them in branch. Anyone aged 13 or over must open it themselves.”
The TSB Under-19s’ Account and the Virgin Money Young Saver account are also among the best, according to the expert.