Cheque given to child with no bank account

[LoveIndubitably]

I have primary age DC and they don't have their own bank accounts. (I have a savings account for them in my name). A relative has kindly sent a cheque as a gift to one of them, in the DC's name. Is there any way of paying this in without opening an account for them? (I suspect not but thought it worth asking!)

There aren't any bank branches local to us any more as they've all closed down within the last couple of years.

How about a Post Office junior isa?

That's an option - thanks! Was hoping someone would say if I brought their /my passports into the Post Office I could cash it in my own account or something

Maybe back in the day but I don't think that's possible anymore. If you wanted access to the money quickly, then maybe set it up as a joint account? It's going to be a lot of paperwork though. Probably better if you gently explain to the kind relative and ask them to resend the cheque to you?

Tell them to 'cancel the cheque'

Nooooo

You should open a savings account if you're saving for a child as it'll be taxed if its in your name. A kids isa is a good choice.

I'd take this as a perfect opportunity to open accounts for your DC.

Why won't you open a bank acct/ savings acct in their name?

Why can't you speak to the relative and explain the child doesn't have an account???

Otherwise, open an account for your child.

Definitely open bank accounts for your children

I just opened a children’s savings account for my DC and it’s still in my name. Cheques need to be payable to me. Bizarre but true.

You asked for that response...

...the opportunity could not be ignored.

I dont understand having a savings account for them but in your name - easiest thing to do is open an account for them. A little bit of pain getting the id sorted but a lot less hassle long term.
It technically cant be their money if it’s in your name. Heaven forbid anything should happen to you, but if the worst did happen, it’s considered money in your estate not theirs (as it’s in your name!)

The kids are only young and don't need their own bank account for any practical reasons, and I'm in two minds as to whether it's sensible to put (eventually) thousands into an account they can get full access to at 18.

There is not enough in 'my' savings for them at the moment to make tax-free savings have any effect, so not had to think about it yet.

Why can't you speak to the relative and explain the child doesn't have an account???
I can do that but don't want to put them out if there's an easier option.

No there isn’t an easier option!

You can pay it in on your phone banking app.

You can just cash the cheque. Just as the money would be deposited into an account, a bank branch will give you cash. Should also be able to do it at the post office. Take their passport as ID.

Do open accounts for them at some stage though, kids can usually access better interest rates, good for them to learn about saving and spending and starts towards their financial history.

In the exact same position I took the cheques to a local building society with the kids birth certificates and used them to open the kids savings account with a high interest.

I put all their birthday and Christmas money in too.

My parents did the same for me and it came in very useful when buying my first car and in my first years at university.

I think there are more risks and downsides keeping it in your own name than putting it in theirs.

If the cheque isn’t crossed (written on the cheque instructions on how it can be redeemed such as the words “account payee only” in between two lines) you should be able to cash it with the child’s passport in the bank the cheque is issued from, alternatively, you can pay it into your account if the cheque isn’t crossed. Your child might have to sign the back or something, check with a teller in your bank what your bank requires in this situation

I opened a savings account in my son's name for exactly this reason..... only it turns out...it is still my account. Bit baffling. It's a rubbish account. I need to do a better one really. It has a passbook and can't look at it online.

You can open them an account using an app and then just transfer the money back to your preferred savings account all using internet banking. You can with NatWest, anyway. You don’t need to go into a branch to open an account and it’s accessible to you on your app because it’s entrusted to you until the child is 18.

Just open an account for them but only deposit small amounts.
I kept a lot of my dc's money in a separate account as they didn't need to spend it all. But they did always have their own accounts and then debit cards from 12.

Please open an acount for them. It doesn't have to be a current account it can be a savings accounts.

I used to work in payroll and the amount of school leavers who used to start work without a bank account was shocking.

OK I'm not going to let them get to 16 with no bank account!

I was planning on getting them a debit card junior sort of account at one point. Just not in the next couple of years. But, might be a good reason to do it, and they can put their pocket money etc in it if I can access locally.

Just open an account for them but only deposit small amounts.
I kept a lot of my dc's money in a separate account as they didn't need to spend it all. But they did always have their own accounts and then debit cards from 12.

Yes this sort of thing.

Thanks for all the info everyone - I'll look into the suggestions!

You can open a Halifax kids saving account online with just a photo of ID (birth certificate/passport). Literally takes minutes and I had the bank details in less than 24 hours to be able to add them to my online banking app to pay cheques in to their accounts via the app.

Edit: I just read your post about not wanting them to have an account. My kids both have an account which we pay birthday/Christmas money in to. I’d imagine by the time they get to 16/18 they might have a couple of thousand in it (they’re only very young so difficult to guess) which they will get access to and will be free to spend how they want to although we will obviously guide them to spend it wisely. We have accounts in our names that are for them that they won’t have access to (or even know about) which we will save a much more substantial amount in. We will then decide when they are mature enough to have the cash whether that’s for a car/uni/travel/house deposit.