Accounts for children

Alne55 · 16 October 2017 at 4:38PM

Hi, I asked my mum to open an account for my baby for his first Xmas, she opened one with my branch as thought it be easier for me, but it's not one I can access if need be, so I've never put money in. Can anyone tell me if bank accounts can be accessed by the parent, like if I needed something big and didn't have cash I would take it out, hopefully never need to but I would like the option. I would prefer to open it online for easiness and not needing to travel and cashback app would be a bonus, but the main thing being that I would be able to put money in and out if need be . Thanks

TARDIS · 17 October 2017 at 9:50AM

Have I read this correctly - you want your mum to open an account for your baby for Xmas so you can take the money out if needed???
With most childrens' accounts I think the adult who opens it for the child is the only one (other than the child, depending on age - often from 7) who can access the account, but I may be wrong.

Seems odd that you want to be able to access money given to your child by your mother, but perhaps I've misunderstood?

That said, yes you can open a children's account online. Some you can completely manage online although some depends on the age of the child. I think Natwest have one parents can operate online for any age and there are probably others.

You need to be aware that interest earned from money put in by a parent will count as part of the parent's personal allowance if total interest per child exceeds £100 pa - probably not an issue with current interest rates though.

Zaphiera · 17 October 2017 at 4:33PM

Natwest and RBS have first savers accounts which you can operate online and over the phone (I think they appear on apps aswell). These accounts from experience act like normal savings accounts that you can put money in and out like standard transfers between your own accounts.

Alne55 · 18 October 2017 at 6:46PM

TARDIS yes you misunderstood - my mum has opened an account already but I want to open one where it's extra I've got to put in but I don't want it to be held until i die or until the he is 18 etc.. to be fair tho even if I had wanted to withdraw money she put into his account it wouldn't be an issue, if I needed something for my child it's surely up to me if I need to take it from whatever funds are available at the time. I have no intentions of taking even the money I put into an account but I live in the real world and sometimes needs must I want the option in case hard times come

Thank you zaphiera I'm pretty sure Rbs don't do this anymore, I've been to branch and this ended now they do a different style where I won't be able to access it at all.. I'll have a look online incase it has changed recently

Accounts for children

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