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Original poster

Saving account for child

5 replies

GinGeum · 20/08/2019 20:06

I would like to open a savings account for my baby DS (and also have another baby on the way, a joint account for both?)

I am with NatWest and would rather just have the account with them if possible.

What's the best savings account to open or anything I need to look out for?

OP posts:

Pebbles574 · 20/08/2019 20:15

Best to open separate ones for them - I'm not even sure if you could open a joint one for children, as they will come of age at different times?

To be honest, NatWest won't give you the best rate of interest.

Get yourself over to www.moneysavingexpert.com/savings/child-savings-tax-free/ and do a bit of research about your options.

It's not as simple as 'what is the best one?' I'm afraid. As with most things, it depends....

Original poster

GinGeum · 20/08/2019 20:38

Thank you Pebbles I will have a read.

I wasn't sure whether to just open a general savings account and it be unofficially for the children IYSWIM? They wouldn't necessarily know it exists. Rather than a bank account for the children that they will pay into. I was hoping to keep that separate. I don't know if that's a silly idea though.

OP posts:

Pipandmum · 20/08/2019 20:47

I have savings accounts for my children (happens to be at NatWest but thinking of moving to Santander for better rates). It’s in their names but as they are minors I have control over them. They know they have them but don’t know how much is in them. They are actually entitled to a debit card from age 12 (I think) but I never got them one. The idea is to move them into ISAs but I’ll let them decide when the time comes.

Pepperwand · 21/08/2019 14:25

I have a savings account for each of my DC with nationwide. They are in their names but I have control over then until they are 17. The reason we opened specific ones for them is the interest rates were better on the children's accounts than just a standard account, as long as you don't make withdrawals which we don't. At the moment it's just any money they get for birthdays, Christmas etc in there but we may top up in future.

Jaffacakebeast · 24/08/2019 22:22

Junior ISA, if you don’t mind the money only being accessible when they turn 18, that way it doesn’t interfere with any of your saving limits or tax. I know someone who set up a “savings” for their DC in their own name, ended up being counted as an asset in the divorce and also what was left stopped her being able to claim and in work benefits

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