What type of savings account should i open for my children?

[makkapakka212]

Does anyone have any advice?

My MIL has asked me to open a credit union account for both my children however due to covid they're not opening any new accounts for children.

Do i open a savings account, junior ISA or something else?

Thanks

Also it would be helpful if people other than myself could deposit money in whenever they wanted

@makkapakka212

Does anyone have any advice?

My MIL has asked me to open a credit union account for both my children however due to covid they're not opening any new accounts for children.

Do i open a savings account, junior ISA or something else?

Thanks

Totally missing the point but 18 months on how does covid stop a bank account being opened? I despair. Sorry can't offer more help but Marin Lewis website might help.

My kids got savings accounts at a high Street bank plus the child trust fund accounts that the government set up at the time. I have since converted them to Junior ISAs. They now have a savings account, JISA and current account each

@Musicaltheatremum

I know I've been popping in every couple of months to ask and still the same, totally ridiculous as it would probably take less than 10 minutes to do and they're turning away custom 🤷‍♀️

I got premium bonds. When I get a bit more I'll put half in a JISA.

The key question to ask yourself is if you want your children to have free access to the money that you save when they turn 18.

Personally (remembering what poor judgement teenagers can have, especially when influenced by friends/boyfriends/girlfriends etc) I want to keep control until I feel confident that the money won't be squandered.

Therefore our children only have a nominal amount in JISAs - enough for a nice holiday at the end of A-Levels, that sort of amount.

The serious savings, for university support etc, is/will continue to be set aside for them in ISAs in our names.

So it really depends how much money will be involved, and what you are saving for.

Tbh it's really for family to put money in, i think my MIL would like to put money into an account so they can use it for something when they're older, rather than just giving us money. They already buy the children clothes and toys, they're very generous

They could pay in online to any high street bank account. Suppose the same would apply to a junior isa too

Look on the Money Saving Expert webstite at the section titled Children’s Savings.

There are Regular
Saver accounts with several High St banks which pay over 3% interest if you save a little each month. You can look at what’s available and the interest rates for each.

Most children don’t have enough savings to pay tax so usually you don’t need the JISA and a simple savings account is good. If you’re happy to take a bit of risk a stocks and shares JISA can give much better returns over the log run. You could put a percentage into one of these and the rest into standard savings.

The exact type of savings account depends if you want to save monthly or just have an account which has whatever they already have, with occasional top ups from yourself or a grandparent.

Lots of people who receive child benefit like to save all if it or a bit of it monthly for their kids.