Bank account for baby

[JadH08]

Can anyone recommend a good bank account for a baby (currently 3 months old)

We would like to open an account for him so us and other relatives can put money in his bank for birthday and Christmas etc.

Having looked online a lot of kids accounts seem to be from age 7 years?

Any advise or recommendations?

I have a child saver account with Lloyd's that he has had since he is 2, but I run. He will be able to have full control of it when he is 11.

I just opened a savings account with my bank in DD's name. Needed her birth certificate. Took about 15 mins in branch. Then give any relatives the account number if they want to add to it.

I can access it online and my parents set up a standing order and put in £10 a month in. So do I and her dad. Any other birthday money etc gets put in.

Thanks, I've looked into the Lloyds one but I have to have an account with them to open a child saver, which I don't have.

I bank with Yorkshire bank and with their age 0-16 account you have to give them 95 days notice to withdraw money which seems a bit ridiculous 🤷🏻‍♀️

I have a bank account for dd with Bank of Scotland. All i needed was her birth certificate.

You could always open an account yourself with Lloyd's.
Even it you just used it as a means to open the child saver. That's who I'm with. I have instant access to DD's account and can transfer money out instantly if necessary.

What other banks are local to you? Have a look at their child saver accounts and compare rates

We have 2 with Barclays for our DS. One you can only put in £1200 a year in though because of the interest rate it gives, so that why we opened the 2nd where you can pay in anything but it didnt give a great rate if I remember rightly.

We need to look around really as he has had it 2 years and not sure its the best deal currently, so watching myself.

Halifax has a kids saver that give 2% up to £5k

Barclays instant saver is around 2% for up to £10k

I have a child saver with Barclays. At 18 it reverts to my name so I can ensure the money is spent correctly. An 18yo isn’t old enough to manage a large sum of money. I remember being 18 and having a little bit of money, friends tried to mooch off me and I was too naive to understand what they were doing, I thought they were my friends. I only received about £1k but it was very quickly “borrowed” by people who didn’t even contact me any more a year later. I want DS’s money to be kept for something sensible like a house deposit not frittered away.

I think you might find the child saver turns into an adult saver in the child's name, not yours

We've got the Halifax monthly saver,
You can only pay In once a month up to £100 it has good interest rate.
You get another account at the same time so that after a year the money and interest moves into a standard kids savings account which you can access as you like.

You can probably have the second one as a lone account , we've had them since the month he was born

Both mine have junior ISA accounts with Halifax but you can't withdraw until 18, which works for me. I dont have an account with Halifax and didn't need to go to branch just applied online

No it doesn’t. The child account is effectively a trust for the child in my name. At 18 it converts to an adult instant access account in my name. The terms and conditions say it’s my duty to continue to operate the adult account in accordance with the terms of the trust, and the account will remain in my name until such time as I see fit to transfer it to DC.

I opened a Halifax savings account for my some before he was 1. I don't bank with Halifax, they just had the best rates.

Thanks for all your reply's. I think a junior ISA may be the way forward for us to put money away for him till he's 18.... Once he's 7 we'll look to open a current account for him so he can have access to some money.

As a PP we have a Barclays child regular saver which you can pay in £100 per month max (£1200 pa) We then have a Barclays instant access saver which birthday money etc goes in to and when the regular saver matures each year we move the money into that account and open a new one. I opened an adult Barclays account myself to oversee the Kid's account but it has a 0 balance, I only use it as a way to pay cash in to the kids account (you dont get debit cards with the children's accounts)

Current accounts are normally from age 11. They can have an ISA and a savings account from birth

I wouldn't bother with a child account. In my experience they are inflexible and a load of hassle. I would just put it in a savings account in my own name and keep track of money going in over the years and transfer to the child when they are older.

Child accounts get better interest. I've never had an issue with ds/dd's accounts

I have a few children's accounts.
Santander have one which is 3% up to £2k.
Halifax has a regular saver up to £100 per month at 4.5% and 1.98% on their other child savings account which the regular saver goes to on the anniversary of opening.
We also have a nationwide future saver which is 3.5%. There is a limit on what you can save on these in a year though. You can have one withdrawal per year without penalty for this account. There are also other Nationwide accounts with 2% interest which allow you to put larger amounts in initially.

My boys have a Lloyd's children's account (because it was easy to set up as I had an account with them and it's easy to keep any eye on) and nationwide ones because I like the way they are set up
Both were set up from when they were babies - needed birth certificate and id for me as well as an initial deposit (£1)
Still happy with both