Can I open a bank account for my baby?

[Soontobemummy2019]

My baby is due in the next couple of weeks and we've been given money for him instead of gifts from MIL so we thought it would be a nice idea to open him a bank account and start putting a little bit in on every payday.

Can I open an account for a baby or does he have to be a certain age?

You can open a children's account. I did it for my son (now 2).

Have a look at moneysavingexpert for recommendations on the best account.

I've got one for my baby with Lloyd's. It's a child saver that I can control from my banking app so can transfer money. I just needed to take in his birth certificate and my ID to prove I'm his mum.

At 13 it'll change into a normal bank account with a debit card or I have the option of keeping it a savings account.

As long as you have the birth certificate and id, yep no problem.

All of mine have had savings accounts from baby.
Ours can't access them till they are 21 either.

I believe the best rate at the moment is Halifax.

Have a think whether you want a ‘normal’ account that your child can have access to at the appropriate age (it varies) or a savings account that they can’t have access to until they’re 18 (eg a child ISA).

Mine has a child ISA with Lloyds which they gain control of at 16 (so can choose investments) but can’t get their paws on the money until they’re 18. In my head they’ll use it for some life enriching experience, travel or something and definitely not piss it up the wall like I would have done.

You can open an account.

I recently read the difference between an ISA and a savings account (not one that convetts to a normal bank account).

Can anyone advuse whats best for babies?

Yes, I have Santander 123 mini accounts for both my DDs. If you start a JISA you can't touch the money and the child receives it when they turn 18. If you open a savings account with you as a trustee you can take money out if you want to.