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Children's bank accounts

(8 Posts)
parrotonmyshoulder Tue 12-Apr-16 06:22:31

My mum wants the children (7&4) to have their own bank accounts so that she can put money in sometimes and for the bigger one to put small amounts of pocket money in herself and to withdraw when she wants to. These are small amounts I'm talking about. Perhaps £10 a month or something.

We used to have 'young savers' accounts with the Halifax, but I can't see that any banks or building societies do these anymore. Can I just open two current accounts in my name and let the children use them, as my mum thinks I can?

Ifailed Tue 12-Apr-16 06:26:56

Problem with regular bank accounts is the interest is so low now. Why not go for a children's Bond from National savings? Although your dd won't be able to make withdrawals and you loose 90 days interest if you make one.

www.nsandi.com/childrens-bonds

StrawberryLeaf Tue 12-Apr-16 06:27:06

You can open children's savings accounts, go on the moneysavingexpert website for a helpful guide. I opened with the nationwide, the interest rate was reasonable and I could manage them through my online account. They are opened as joint accounts with me and each child.

insertimaginativeusername Tue 12-Apr-16 06:55:11

Both Halifax and nationwide have children's accounts and ISA's....not sure what the opening interest rate is now but when I opened my daughters with Halifax it was 6% for the first year.

StrawberryLeaf Tue 12-Apr-16 07:11:39

Just happened to spot this article on Facebook after I posted, might be helpful to you;

http://www.itv.com/thismorning/hot-topics/money-martin-lewis-best-way-to-save-for-your-children

wonkylegs Tue 12-Apr-16 07:20:36

Most of them have young savers accounts still, my son has one with a passbook (wanted him to see what was going on with his money like I did as a child) from yorkshire BS although I was thinking of changing it as the rate of interest has now dropped. I know my bank (lloyds) has one as does Virgin. You may need to look around though as to who actually has some interest as they are all pretty poor atm

Cocochoco Tue 12-Apr-16 10:30:54

Halifax is still 6% and the best option according to an article I read recently. Think it was in the Telegraph.

specialsubject Tue 12-Apr-16 13:01:40

here's the link I use for tracking rates:

www.thisismoney.co.uk/money/saving/article-1583863/Best-savings-rates-Junior-Isas-children-s-accounts.html

it doesn't cover everything so look around. Keep an eye on rates as they will be decimated (literally in some cases) at the end of the fixed period.

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