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Bank accounts for children

(3 Posts)
superbagpuss Tue 04-Nov-14 12:07:20

My Dc are now 5 and I think they might need a bank account/ savings account kind of thing?

They have the Child trust fund in which we are saving for their future but as they get older and have pocket money/ cheques for birthday and christmas they ought ot have an account where these can be banked and spent now instead of the long term future

So how do I do this? what do they need? what accounts are good?

TIA

crazykat Tue 04-Nov-14 12:14:20

My DCs just have a standard children's account at my bank. I just made an appointment and took their birth certificates with me. I didn't need proof of address as I have an account there.

Your name will be on the account as trustee until they reach 11 when it reverts solely to the child.

bobs123 Tue 04-Nov-14 12:21:51

Just done a quick check on money supermarket and you can get children's easy access account that pay 3%.

The account is held in the parents name with the dc's name after. It does not necessarily have to revert to the child's name until they are 18, so check.

Make sure you fill in an R85 form so that income is paid without tax taken off.

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