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Best bank account for toddler

(15 Posts)
jingscrivvens Mon 27-Jun-16 10:47:04

My very generous Uncle has given my DS £1000 for his future but I have no idea what the best thing to do with it is!
I would like to have an account that I can put the lump sum in and then add a small amount every month, so he has a chunk of money there for him once he leaves school to put towards whatever it is that he want to do with his life. I've looked but I'm a bit baffled, can anyone recommend what I should do?
Thanks in advance

AndNowItsSeven Mon 27-Jun-16 10:49:03

Halifax kids ISA and you get your own Halifax ISA even if you just put £1 in your own , that why your ds will get 4% rather than 3%.

AndNowItsSeven Mon 27-Jun-16 10:49:58

You can also get a Halifax regular saver pay monthly then transfer the yearly balance to the ISA.

TwinklingStar123 Mon 27-Jun-16 10:54:58

My little ones got a nationwide smart junior isa. I liked it because no withdrawals can be made by anyone until dd is 18

VulcanWoman Mon 27-Jun-16 11:02:30

3.25% is the best one I've seen. You can do the Coventry one online ok.

www.moneysavingexpert.com/savings/junior-isa

AndNowItsSeven Mon 27-Jun-16 11:05:58

www.halifax.co.uk/savings/accounts/kids/kids-regular-saver/
Above 4% ( used to be 6%)

MissSueFlay Mon 27-Jun-16 11:16:19

I opened a Junior Stocks & Shares ISA with Hargreaves Lansdown for DD. I've been really impressed at how easy their website makes it to invest in funds etc., takes a lot of the mystery out of it! Over the long term stocks & shares are a good investment if you're not going to be dipping into it, usually better than cash investments. My DD's ISA currently has 8.5% return.

VulcanWoman Mon 27-Jun-16 11:22:17

The Coventry ISA doesn't required a set amount to be invested each month.

AndNowItsSeven Mon 27-Jun-16 11:29:25

Halifax doesn't either it just has a maximum of £100 a month and transfer yearly to a 4% ISA .

VulcanWoman Mon 27-Jun-16 12:17:20

Seven it seems to read that you'll need to put a minimum of £10 a month, plus you have to go into branch to deal with it.

VulcanWoman Mon 27-Jun-16 12:20:08

To tell you the truth, I can't stick the Halifax, any dealings I've had with them has been a load of hassle, I'm in the process of changing over accounts with them at the minute, I've had enough of them.

AndNowItsSeven Mon 27-Jun-16 12:45:40

No £10 is the minimum monthly amount and £100 the maximum but you can miss months altogether. You can set up a standing order or just make a monthly bank transfer so no need to go into branch.

pamish Tue 28-Jun-16 20:16:16

Give it a few weeks while the recession kicks in and you should be able to get a nice BTL in Mayfair.
.

SaveSomeSpendSome Fri 01-Jul-16 22:16:39

I looked into the halifax one as i bank with them but i didnt like the fact that it had to be transferred to the child once they reached 16 and it didnt have a little savings book. All you have is an account number and sort code, no book or nothing.

Dd has one with Yorkshire building society. You can lock the money away until 21 and you get a savings book.

Most banks require you to sign over the account at 16 years old and i really didnt want that so yorkshire bank seemed best for us

SaveSomeSpendSome Fri 01-Jul-16 22:20:57

Oh the interest is 1.74% which is shit but dd not being able to blow the lot in TopShop at 16 was more important to me

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