baby savings account

[Cakeandmarshmallows]

Hi there,
I have a new baby 6 weeks on sunday and want to open a savings account for him. Can I ask for suggestions for the best one for this?

thanks

I think they are all roughly similar. I would start with seeing what your bank offers as many times they need to be linked to a main account. Often you can choose a junior ISA or just regular savings (with ISA having slightly higher rate, for us it was 2.5% vs 2.0%). We have one with Lloyd’s.

We have used Halifax as they were the best at the time we opened it and had good feedback from others who use them.

Fred - is it a Halifax junior ISA that you have or a savings account? I bank with the Halifax and DD is nearly 2 now so I really need to get round to sorting something!

In fact I’ve just looked online and the Halifax junior ISA is 3% and the Kids Monthly Saver is 4.5/% so I’m assuming it’s probably best to go for the latter (clueless!).

www.moneysavingexpert.com/savings/child-savings-tax-free

Do you want a monthly saver, an easy access account, or a junior ISA? Remember they won't be able to take money out of a Junior ISA until they are adults.

The Halifax monthly saver is best but you have to commit to a certain amount every month

I have 2 savers accounts for my DS. The best 1 I have is 3% with a Barclays account. You have to commit to only £10 per month and they only pay the 3% up to my £100 per month, we pay the 100 a month to fully utilise it, then it drops to 1.5 % ( I think) for anything after that. But at the time 10 months ago, I couldn't find a better one.
We also bought him a few hundred in premium bonds, although you don't earn any interest, which is not a lot anyway really, you have the chance of winning 1million quid every month and he always keeps the value of the bonds.

Greathat no you don’t, you can pay £0 or between £10 and £100 a month you can change the amounts every month.

HeyDolly - it's just a savings account. We were given money when DS was born so decided to put it away for him. We don't have to put money in each month but it has to have a nominated 'official adult' who takes money out the account although either of us can put money in it if we need to. 'Young saver' maybe the accounts called.

If you want a junior ISA I have one with vanguard doing very well on 13% gain at the moment, though if course that can go down as well as up.... yada yada... Depends how much risk you're prepared to take and what sort of access you want.

We opened the Halifax regular savers account (think it’s just changed name though) as bad the best interest rate.

*had