Saving Account

[Newlywed123]

This probably isn't in the right place..

But I was wondering if anyone has got a savings account for a child or if anyone is thinking about getting one?

I'm looking at getting one set up soon for my 1 year old and then for new baby when born, but don't have a clue who is best and don't have much understanding on it all.

Who have you chosen to open a child saving account with and why? I want something which no one can go into apart from they child at the age of 21 :-)

I was also thinking about this the other day so watching with interest!

We opened one at our bank for no reason other than so we could have it connected to our online banking to make it easier to transfer funds. There are probably accounts with way better interest rates etc. but for us it was ease more than anything.

Try posting on www.moneysavingexpert.com/ the people there are pretty helpful about money stuff.

watching this, I am also planning to open one. I think you can open child ISA so the savings are not taxed.

We opened a Santander Mini 1-2-3 account for our baby. My partner is the Trustee.

As long as you fill in a form R85 (which Santander provided) the interest isn't taxed.

Scottish friendly do a brilliant savings bond for children. For the last 2 years it has paid 8%. You can either do a 10 term, till they 18 or till they 21. Paying either £10,£18 or £25 p/m.

This might be a helpful read:

www.which.co.uk/money/savings-and-investments/reviews-ns/childrens-savings-accounts/