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How much does it cost to have a baby in the UK?

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iFAST Global Bank

14 Jul 2025 · visibility 246 views

If you're preparing to welcome a new baby in the United Kingdom, congratulations! While the NHS covers most medical expenses, there are still several financial aspects to consider. Whether you’re a UK resident or an international parent living in the UK, understanding the costs and planning ahead is crucial. 

Below is a breakdown of what you can expect to spend once your baby is home and how iFAST Global Bank can support you on your financial journey with tools like the Multi-Currency Current Account and Cash ISA. 

 

Costs to expect once your baby is home 

Once your baby arrives, expenses shift toward everyday care and development. Common costs include: 

  • Nappies: £15–£40/month 

  • Formula: £40–£100/month 

  • Baby furniture (cot, changing table): £150–£600 

  • Clothing: £100–£300 in the first year 

  • Toys & books: £50–£200 

Childcare is a significant ongoing cost. For a part-time nursery place for a child under two, expect to pay £150–£250 per week depending on location. 

 

With these ongoing costs, now is the perfect time to think about financial tools that can help manage both day-to-day needs and future planning, especially if you’re navigating life as an international or mobile parent. 

Shape 

iFAST – A Multi-Currency Current Account for managing money in the UK 

Whether you’re an expat, international couple, or simply someone who deals with multiple currencies, iFAST Global Bank’s Multi-Currency Current Account gives you the flexibility to manage your baby budget seamlessly. 

 

Here’s an overview of the main benefits of using iFAST: 

💱 Multi-Currency Current Account 

SAVE, SPEND, SEND money in 9 major currencies. You choose the one of your choice. Instant access to your money, with no minimum or maximum deposit amounts required. Interest accrues daily and credited into your account on the 1st of each month. All from one secure account. 

💳 Global Spending 

Use iFAST debit card (UK residents only) or account to shop around the world, whether it’s maternity gear from overseas or gifts from relatives abroad, without cross-border charges. 

💡 Save for the Future with a Cash ISA 

Use an iFAST Cash ISA (UK residents only) to set aside money for childcare, early education, or future family milestones, growing your savings tax-free. Earn tax-free interest on savings up to £20,000 annually with a Cash ISA. 

📲 Digital Convenience 

Access your finances anytime with iFAST’s intuitive mobile app and online banking system, perfect for new parents managing busy routines. 

 

Your money are fully protected by FSCS (Financial Services Compensation Scheme) up to £120,000 . More details: https://www.fscs.org.uk/. 

 

Final thoughts 

The NHS offers excellent maternity care at no cost, but raising a child in the UK still involves significant expenses. By planning ahead and using tools like iFAST’s Multi-Currency Current Account and Cash ISA, you can stay in control of your finances, giving you more time to focus on what matters most: your growing family. 



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iFAST Global Bank is a member of the Financial Services Compensation Scheme (FSCS).

iFAST Global Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our Financial Services Register number is 716167. We are registered in England and Wales, our company number is 4797759.

Please note that the provided details serve as general information and should not be considered as financial advice or endorsements. We strongly advise customers to diligently carry out their own research and consider seeking expert guidance for tailored financial choices.