Setting up baby bank account

[Lopsidale]

Has anyone set up an account for their child to put money into on a regular basis?
I'm 36+6 and am thinking of doing something like that so when baby's old enough he has money for stuff like driving lessons and a car or whatever. I'm useless with banks and banking jargon so what would be the best course of action?
(My current bank is HSBC)

You could have a bog standard kids savings account with your bank or you could have something like a child's ISA account. Money saving expert website should have details of good accounts

My DH set up an account in his own name to put money away for DS, so that when DS wants money for school trips/driving lessons etc we can immediately accept

I'm with a different bank but literally walked in said I want to open an account for my baby and 20 mins later it was done. Currently in my name as well as hers and can manage it via my online banking.

Sorry sent too soon!

We can immediately access the money.

DPil also set up DS his own savings account which we have no access too, they put any pocket money they want to give and money for birthday and Christmas (because he gets enough toys) I'm not sure when he'll access that but it'll be nice for him to have some money he can control

Thankyou everyone, probs best to go speak to bank. But will the account be able to be in both my name and my OH name even though we're not married? Or would it be best to just keep it in my name

It's in the child's name with you as a named contact.

We set up a junior stocks and shares ISA which we contribute to each month.

It's in our daughter's name and we can't take the money out once it is in. When she turns 18 it becomes officially hers and she can either re-invest it or withdraw it.

The problem with simply opening an account in your name with a bank is that you'll be subject to tax where a child won't be.

Additionally, high street savings interest rates tend to be really poor.

We wanted to do same (ds was born 15.4.15), so we set up standard saving account @ Halifax. Hubby said was meant to be best for kids accounts at mo. This way we can put money in, still access if needed & but should hopefully give him lump sum when older for big purchases (car, driving lessons, etc.) paying £25 per month in at mo & gifts, etc. It's in his name, wiv me as named person as he's under 18, obviously ??

I have a child trust fund I am going to convert to a junior ISA which I pay into each month. I started originally saving the family allowance and continued after it was stopped. I appreciate that I am in a fortunate position and thus us not possible for everyone. Things I didn't realise were that you can start a pension for a baby from day one and that you can also add to savings via kidstart spending programme which last month I added £6.35 to the CTF without doing anything I wouldn't normally do. Whatever you choose it will be a really good thing for the future. Personally the fact she nor I cannot touch it means it will definitely go to a long term plan of tuition fees or equivalent rather than a computer or suchlike along the way. Hope that helps.

When dd was born I just set her up a junior account with my bank and it's right there on my online banking. There were 2 to choose from and I chose the lower interest one as the higher needed a monthly minimum going in. I've transferred her a couple of sums, she gets all her CB transferred in and if someone gives her cash I take it and transfer it straight in from my current account. I didn't want it tied up because when she needs things I can't really afford at that exact moment I just pay for it and transfer the money out of her account and into mine (Jumperoo, stroller, high chair to replace one she didn't get on with etc). She's only 1 though so when she's old enough to understand I'll let her make choices about her money and she'll have 2 accounts, one for saving and one for gifts/ pocket money.

As spuduk1982 has already pointed out - many of the high street savings accounts for children have very low interest rates.

I've opened a Halifax Regular Saver for my son. You can lodge a maximum of £100 per month into this account and it allows you to miss a lodgement if you need to.

The interest rate is 6% which seems to be one of the best on the market at the moment. You open the account in your child's name but with you as the controller. At the end of the term you can either withdraw the money or transfer to another saving account.