savings account

[thursdaymurderclub]

when mine children were younger they had a post office savings account, they had a little book and they could withdraw money over the counter.

we now have 2 GC and want to set up something similar for them for their 1st birthdays and instead of waste money on silly gifts we want to buy them a token gift and then put money into this account so that when they are older then can decide what to spend the money on themselves.

but so far i cannot find anywhere that does anything like this.. any help

Do you need them to have a book?
Halifax had them about 10 hears ago when my kids had accounts, don't know if they still do.

I wanted to do this for my DD about 12 years ago. I couldn't find anyone that did it, so i opened a basic account and used that for her.

i want something that is exclusively theirs.. i dont want parents to have access to said account for certain reasons. im not talking thousands of pounds.. more pocket money type amounts but i want the children to have it and it be theirs

If you open it, you'll be joint owners with them. So only you can take it out. At about 15 and a half it transfers to them.

you'll need a birth certificate to open it.

You could take out a go Henry card for them and pay into that? You'll have control.

I have savings account for my children in trust with NatWest, not sure if grandparents can open them or if it’s only parents.

Maybe premium bonds?

My two DDs have accounts with Nationwide that have little books. They love putting little sums in there, and the cashiers print lines in them :)

weve looked at premium bonds but they do not generate interest.

this is what i am thinking.... nationwide you say?

thanks i'll google go henry

We have this for my children through principality building society. I don't think it's something banks typically offer.

Nationwide no longer offer savings accounts for children only a bank account when they are about 11.

ive just googled and seen this :(

They don't generate interest but they pay out what would be the interest in prizes each month. Prizes are tax free and you can choose for them to be automatically reinvested. Prizes start at £25 I believe.

https://www.nsandi.com/products/premium-bonds

Seems to be a couple of building societies that offer a passbook. Not sure many mainstream banks will do then so it depends if you have any building societies local to you

NatWest First Saver account in trust for child, you as the account holder.

thanks i shall have a look

We have this with a building society