Compare the interest rate, whether it is fixed or variable, minimum deposit, withdrawal rules and the age at which your child can access the money. A Junior ISA is tax-free, but funds are generally locked away until the child turns 18, while an ordinary children's savings account may offer easier access. If you pay money into the account, the parental interest rules may mean interest above £100 a year is treated as your income for tax purposes. Check the latest details with HMRC and the FCA-authorised provider before applying.