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Children's Savings Account

(9 Posts)
BusterTheDonk Mon 10-Oct-11 12:34:27

Hi.

I've read before on here that some of you open an account for the LO's and put some money away each week/month..

Can I ask which bank/building society you use.. what do you need to provide (birth certs?), and can they only be accessed by the LO's when they are 18?

Many thanks smile

bonnieslilsister Mon 10-Oct-11 13:00:22

i would be interested in this too

marriedtoagoodun Mon 10-Oct-11 14:51:48

if you go to the halifax they have a good interest (6%) and it is for a year. Once you have registered them at your doctor you will get a purple health card, with their full name and your address on it - you can use this as evidence for the child. You also take your passport/etc and then you are the second person on the account. Just did this for my four so know it is valid!

maypole1 Mon 10-Oct-11 16:56:30

If you use the local credit union you don't need to provide any proof of id also it is sent with the child's name on it.

The pay stytem they use is pay point so you can put as little as a pound and because most places use pay point its very convenient

Also it's a paying in savings account so the only one who can withdraw is the child once their 18 so even better for those who will shortly be going home
You can pay money in but know money can be drawn out

We have found this really good

Rubyx Wed 12-Oct-11 17:47:08

My agency just open it themselves and deduct the relevant savings before paying me so no headache for me.

BusterTheDonk Wed 12-Oct-11 17:56:06

thanks everyone.. I think I'll do the halifax ones...

I was thinking £5 a week each for them - (backdated to when they first came) - they are 2 & 3 with extra at birthdays & christmas...

does that sound ok?

I remember it was compulsary for one of you... can I ask how much you are advised to...? Is it a increasing scale with age?

smile

marriedtoagoodun Thu 13-Oct-11 11:42:19

£5 a week is spot on. It rises to £10 from the age of 11 for us. I think if when they leave you have any concerns about who woul have access to it then putting the balance in the credit union account mentioned by maypole1 might be a crafty way of ensuring the child actually gets it. We were told when they move on the social worker will help the child look after it.. I reserve judgement!

BusterTheDonk Thu 13-Oct-11 12:52:37

hmm.. maybe our local credit union is different.. they've just told me that there are no restrictions on the money being withdrawn...

Hmm.. yes, that is a huge concern - more research needed me thinks smile

marriedtoagoodun Thu 13-Oct-11 14:36:35

buster I know. If the youngest one is returned to his birth mum I intend to withdraw the money and buy him a bike or soemthing and staple the receipt to the box. there is NO way she is having the money.

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