Advanced search

Children's account

(4 Posts)
Suifc83 Tue 09-May-17 23:54:29

Hi ladies. My son is 14weeks and I want to open an account on he's name to put some money on the side in case something happens ( which I hope not ). I want an account that I can withdraw. I've been checking online and I went to Halifax but the lady there wasn't in the mood to help me with my dilemma.confused I really don't know what account to open, cause the ones with best interest rates don't let me withdraw. Can someone advise me on this? Tia xxsmile

GlassHearts Wed 10-May-17 00:09:50

We have just opened a Halifax savings account for our daughter. It has a fixed 4% interest rate with a minimum monthly deposit of £10, max of £100 so over 12 months you can save £1200 plus the 4%. At the end of 12 months the money moves automatically to a different savings account where it will generate a different rate of interest and then you just carry on depositing into the account with the high interest rate. I don't think she can touch the money until she is 16 though unless you as guardian of the account closes it and withdraws the money. This is how I interpreted it though, I'm very tired so hopefully have explained it correctly!

specialsubject Fri 12-May-17 10:05:39

Remember the actual a e r on that account will be under 2%, below inflation!

There are no savings accounts that are above inflation. Some bank accounts are for small sums.

helenfagain Fri 12-May-17 10:18:31

We set up a limited access account with nationwide in our son's name. We don't want him to automatically get it when he is 16 in case he blows it (like his dad and I would have at that age!). You can withdraw once a year from it penalty free. The interest rate isn't as good as some of the child trust accounts (2.25%) but it isn't too bad.

Join the discussion

Registering is free, easy, and means you can join in the discussion, watch threads, get discounts, win prizes and lots more.

Register now »

Already registered? Log in with: