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Children's accounts

(3 Posts)
123rd Sat 18-Feb-17 11:17:03

Right, so I think I must be missing something... The DC have a fair amount of money each in a building society account. Terrible interest atm so I'm looking at other accounts.

The Santander 123 looks good BUT you only get 3% interest up to £2000.
Why?? And nothing on anything over

That's naff isn't it? I know the DC are very lucky to have this problem( not that they about the money yet)
Can they open more than 1 ac each?

Or is it best to spread it around?
Tia

specialsubject Sat 18-Feb-17 18:12:23

That's very high interest for what is available - real inflation is well over 2% and carney is engineering the system to destroy savings.

Inflation will wreck their savings by the time they reach adulthood. So your other choice is risking the stockmarket with a junior isa.

123rd Sat 18-Feb-17 22:20:08

Thanks special. I want to split the total as DD is now at an age where she wants to spend some. So, want to get an ac with a card for her.
Isa are an idea for some of it I guess

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