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Child's saving account

5 replies

EthelsAuntie · 11/05/2022 14:21

My kids already have long term saving policies that they won't be touching until they are adults. We pay into them every month and they are building up nicely.
However, after counting the money in a piggy bank and discovering there was £400, I would like to get them a more accessible account that they could take money if they wanted to buy something or for holidays etc. It seems silly to have that kind of money lying around the house. I don't know at what age they can use a bank card/contactless etc.
I'm not interested in a Go Henry account because I don't want to be paying for the account or be putting in regular amounts. This is purely for putting in pocket money/birthday money etc that they can take out and spend if they want to.
I'd be grateful for any advice.

OP posts:
dementedpixie · 11/05/2022 17:09

What ages are they?
They can get a current account from age 11 but before that it's just savings accounts
Moneysavingexpert normally had a section for showing the best child savings accounts

EthelsAuntie · 11/05/2022 17:18

One has just turned 11. I didn't realise that about moneysavingexpert. I will go and have a look. X

OP posts:
reluctantbrit · 11/05/2022 17:27

DD was 11 when she got her normal current account. Saying that, I wouldn't use it as a savings one. She gets her pocket money on it.

I have the majority of her money in a separate savings account in my name and I transfer it when she wants to spend a larger amount.

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EthelsAuntie · 11/05/2022 19:05

It looks like a Santander account might be the best as I have an account with them too. I would be getting her a savings account and just transfer money over to her. I wouldn't want her having big amounts in her current account that could be frittered away.

OP posts:
dementedpixie · 11/05/2022 19:25

My two have the Santander 123 mini accounts as it has a better savings rate than some of the other current accounts

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