Childrens' bank accounts?

[Keenoonvino]

My mum wants to set up a bank account for my 3 year old. I already have a Halifax account open for him that I put a small bit of money in every month and if he ever gets any cash for birthdays/ christening etc. this is in my name and his and I can access the money if I want to buy him football lessons or whatever. But hooping to just leave it alone.

My mum wants an account that she can build up a little something and give to him when he's 18 or whatever. He won't know about the existence of either of them.

Don't know what the benefits are of a child isa (which he doesn't have) or a locked in savings account etc. I can't seem to find anything in the papers with advice either.

try this for a start:

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

children get better rates than adults - that Halifax 6% is well worth grabbing although it only lasts for a year. Like everyone else he has a tax allowance, but as the ISA rates are actually better, you might as well use that.

not sure on lock-in details, but you've got a while before you need to worry about him blowing it all in the pub!

Thanks special. That's a really useful link....

It doesn't cover everything but it is updated quite often, and is a good start.