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childrens bank account
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# 1
Old 11-01-2007, 9:54 PM
MoneySaving Convert
Join Date: Jun 2005
Posts: 198
Default childrens bank account

can i open a bank account for my baby in her name? Where is the best place to go,we will be putting in money probably at birthdays and christmas and may have a monthly direct debit,will probably not be taking money out very often but will want access toit as and wen we need it. Also do banks still do stuff like money boxes for children wen you open accounts?
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# 2
Old 12-01-2007, 12:25 AM
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Join Date: Dec 2005
Location: Scotland
Posts: 8,914

Yes, you can open a bank account for your baby - you will be named as a trustee for the account until she is 16.

You can use any high street bank, just check which ones have the higest interest rate etc.

As for the money boxes - when I opened my sons' accounts, they never got anything. I don't know if perhaps banks have that sort of thing for older children, it's been a long time since I saw any.

And have you opened a trust fund yet with the £250 from the government? I used the same bank for it that my kids have their savings accounts with.
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# 3
Old 12-01-2007, 9:09 AM
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Join Date: Mar 2006
Posts: 314

we opened a bankaccount for ds1 just after he was born and will do the same for ds2 as soon as we can find time to go to the bank. My main problem with a normal account is that they can acces the money when they turn 16 which is way too young imo.
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# 4
Old 12-01-2007, 9:42 AM
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Join Date: Nov 2006
Location: S Wales
Posts: 627

I would highly recommend the Halifax Child Saver's Accounts - a whopping 10% interest (it is joint in the name of the child and one adult). Multiple accounts can be opened for the same child if for example, grandparents want to start paying into one themselves, it just has to be a different adult acting on behalf of the youngster.

You can apply online on the Hlaifax website.
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# 5
Mrs Optimist
Old 12-01-2007, 2:28 PM
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Join Date: May 2006
Posts: 985

Our children have a Nationwide Smart Savers Savings accouht, in their own names but I have to sign for any withdrawals theyt want to make. DD is 8 now so she will be able to sign for herself.

The interest is good and they get lots of freebies when they open an account. You only need £1 to open an account.
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# 6
Old 12-01-2007, 3:02 PM
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Join Date: May 2003
Location: Leicester
Posts: 113
Default co-op bank

A few months after we started to get child benefit we began this and it's amazing how it mounts up.
We pay into ISAs in our names for our children. So the one in my name is for my son, the one for our daughter is in my partner's name.
Son who is 5 - now has £5,000 and there's nearly £3000 in our daughters - shes 3.
When number 3 baby came along - I was able to up the amount going into the ISA in my name but not my partners. So we decided to put the extra £30 into bankaccounts for them.

We chose the co-op - you get an elephant money box and then something else in a few years time if you are still with them. We picked them because of the ethical links. If they are still with them - in their teens they get an atm card and can withdraw £10 a day then when they are a year older £20 etc -- they can't get overdrawn. They only thing is they send too many statements. I'd be happy with one a year - as it is just 'pocket money'.

So when our son is 16 / 18 we can sort out the money 3 ways and decide what it is best to be spent on. At the moment my partner thinks my son would like a mini jcb digger to start his own business ! ) Boys and toys.

Plus if they are horror children, we can use to money to get away from them!
Only the youngest 2 got the £250 - and we certainly do not think that most 16 year olds are financially responsible at that age. I wasn't. I'm fairly good and even better with 'MARTIN'S' help! But if we'd paid into the govt one then the children would have a fair bit of money to go crazy with.

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