Baby bank account recommendation

[Flopsy145]

Hi all

What bank accounts have people used for savings accounts for babies to then be able to access when they're adults?
Looking to have a standing monthly order and then grandparents will pay money in on birthdays etc

Santander have good options for a saver account or a bank account for them that they can take control of from the age of 13 (can wait until they're older though if you want). Only thing is though you need to also be with santander as their accounts link to yours.

@Flopsy145

Hi all

What bank accounts have people used for savings accounts for babies to then be able to access when they're adults?
Looking to have a standing monthly order and then grandparents will pay money in on birthdays etc

I got my sons through RBS and it's been very easy to use and set up, would recommend

I’d think seriously about saving in your own name. There are tonnes of horror stories about 18 year olds blowing the savings that their parents worked hard for on total crap.

@MartinMartinMarti

I’d think seriously about saving in your own name. There are tonnes of horror stories about 18 year olds blowing the savings that their parents worked hard for on total crap.

This - junior ISAs sound great until you realise the money is theirs at 18. If you've a daft 18 yo it can be quickly blown on nothing.

Yes that is my concern, I know from past experience how easy it is to blow money as a silly 18 year old. I hope I raise a more sensible daughter but you never know. Does anyone know of any accounts where they can't get access until 25 or even 21?

Look at Nationwide Trust accounts that stay in your name until you sign it over.

I'd be very wary of anything that automatically transfers

My DD's have NatWest childrens accounts. It did not automatically convert to an adult account at 18 so I still control the money

We have a standard children's account with Halifax which we put birthday money in etc that has been specifically gifted to them, they will be able to access this at 16.

But we save ourselves in a stocks and shares ISA which is more for uni/ house deposit etc and this is in my name so I can choose when they get it and what for.

Put the account in your own name and get free advice from a financial advisor. I wouldn't just put it into a regular savings account as it will accrue little or now interest. Better of putting it in a medium risk ,long term fund.

@Flopsy145

Yes that is my concern, I know from past experience how easy it is to blow money as a silly 18 year old. I hope I raise a more sensible daughter but you never know. Does anyone know of any accounts where they can't get access until 25 or even 21?

Unfortunately it's not about how you raise them.

All 6 of ours have stocks and shares ISA's that we pay in to monthly, they will get access at 18 but I think they can opt to keep it in a few more years. They all have savings accounts with our bank too, I can see them all on my online banking and they get monthly interest until 16. I was told that it transferred to them at 16 but our eldest is 16 and that didn't happen (interest rate on it dropped). I'm glad because I'm sure she would fritter it away with her current attitude, I will have to go in to sort it out at some point though.
I wouldn't recommend any in particular.

I think better they have access at a younger age so its normal and they learn how to manage money. I would go for one that they can get a debit card as soon as they start going out independently. A 21 year old is just as likely to blow a heap of cash as an 18year old if they've never had any before.

I'd give access to some money ie there pocket money, birthday / Christmas money but I wouldn't allow an 18 yo access to the money I've set aside for them.

Like others have said I'd rather hand it over when there is a need, uni, first house or whatever, rather than a birthday

Pretty dim view about the ability to raise kids to be money smart on show here. Locking money away because you don't trust them is not a great sign. Give kids access to money early, make them work for pocket money and teach them the value of everything

@canyoutoleratethis

Pretty dim view about the ability to raise kids to be money smart on show here. Locking money away because you don't trust them is not a great sign. Give kids access to money early, make them work for pocket money and teach them the value of everything

This

Thanks all, my plan was to give her access to a separate account (pocket money etc) that she can withdraw from and learn to budget but she's likely to have at least 10k in this savings account, probably nearer 20k and I don't want her blowing that, she may well be sensible enough at 18 but if she's not then at least I can continue to teach her about budgeting with her daily current account before transferring the big bucks to her