Savings rates have been climbing across the board, and that includes children’s accounts too.

The boost to interest rates is largely because of several consecutive rises in the Bank of England base rate, which is predicted to rise further this year.

If you’re looking for a savings account for a child, now could be a good time to open one as there are no guarantees to how long rates will remain at these levels.

This week’s best children’s savings accounts

The market-leading savings account for kids comes from Halifax and it pays 5% AER/gross on a minimum monthly deposit of £10.

You can put in up to £100 per month, and £1,200 over the 12-month bond. Interest is paid annually and it can be opened online or in a Halifax branch. It’s available for children up to the age of 15, and to open one, you will need to open, or already have, a Kids’ Saver account from the bank.

Other top junior savings accounts as picked by Moneyfacts include:

1. HSBC MySavings instant access account: It’s for children aged seven to 17 and pays 3.75% AER on balances up to £3,000 and 1.25% above this. You can start saving with £10 and while there are no penalties for withdrawals, children under 11 wanted to withdraw £50 or more will need a parent or guardian’s signature.
2. Leeds Building Society The Ronnie the Rhino Youngsaver (up to 18), DinoSaver, and The Vault (for children aged 12 and over): These pay 3.65% AER and can be opened with £10. For children up to the age of 11, unlimited withdrawals are allowed if signed for by the authorised signatory on the account. Between the ages of 12 to 17, the child can make one withdrawal per week of between £10 and £250. Additional withdrawals, or any over the amount of £250, will need to be signed for by the account holder and the authorised signatory.
3. Kent Reliance Demelza Children’s Savings Account Issue 7: For children under 18, the account pays 3.25% AER on a minimum £10 deposit and up to £25,000 can be banked. Withdrawals are allowed without penalty or notice, the varying limits apply depending on the child’s age. Once a year Kent Reliance will donate 0.25% of the total average annual balance held in Demelza accounts to Demelza Hospice for Children, a registered charity.

This week’s best junior ISAs

Coventry BS’ Junior Cash ISA (2): Pays 3.8% and has a minimum opening investment of £1. The ISA can be opened and managed in branch, via the post or by telephone.

Some of the other options for junior ISAs, which are all variable, include the following:

1. Skipton BS Junior Cash ISA Issue 5: Pays a variable rate of 3.75% on a minimum opening deposit of £1. Interest is paid annually, and opening and ongoing management of the ISA needs to be done in branch or via the post.
2. Loughborough BS Junior Cash ISA: Pays 3.5% on a minimum opening investment of £1. It can be operated via branch or by post.
3. Monmouthshire BS Junior Cash ISA Issue 4: Pays 3.5% and requires £10 to open. It can online be opened in branch or via an agency though it can be managed over the phone or online as well as branch.