Children's account

[Suifc83]

Hi ladies. My son is 14weeks and I want to open an account on he's name to put some money on the side in case something happens ( which I hope not ). I want an account that I can withdraw. I've been checking online and I went to Halifax but the lady there wasn't in the mood to help me with my dilemma. I really don't know what account to open, cause the ones with best interest rates don't let me withdraw. Can someone advise me on this? Tia xx

We have just opened a Halifax savings account for our daughter. It has a fixed 4% interest rate with a minimum monthly deposit of £10, max of £100 so over 12 months you can save £1200 plus the 4%. At the end of 12 months the money moves automatically to a different savings account where it will generate a different rate of interest and then you just carry on depositing into the account with the high interest rate. I don't think she can touch the money until she is 16 though unless you as guardian of the account closes it and withdraws the money. This is how I interpreted it though, I'm very tired so hopefully have explained it correctly!

Remember the actual a e r on that account will be under 2%, below inflation!

There are no savings accounts that are above inflation. Some bank accounts are for small sums.

We set up a limited access account with nationwide in our son's name. We don't want him to automatically get it when he is 16 in case he blows it (like his dad and I would have at that age!). You can withdraw once a year from it penalty free. The interest rate isn't as good as some of the child trust accounts (2.25%) but it isn't too bad.