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  • FIRST POST
    • **laura**
    • By **laura** 22nd Sep 16, 8:43 PM
    • 70Posts
    • 11Thanks
    **laura**
    Childs current account and DMP
    • #1
    • 22nd Sep 16, 8:43 PM
    Childs current account and DMP 22nd Sep 16 at 8:43 PM
    I am currently on a DMP with stepchange.
    My daughter is 5 and has been given a few treats recently. Normally I have saved her money for her and bought premium bonds but now she's getting a little older I would like her to have an account I could pay it into and sometimes she can use her money to buy something she would like.
    Can I apply for an account whilst on a DMP, in her name but with me as the adult?
Page 1
    • mwarby
    • By mwarby 23rd Sep 16, 6:54 AM
    • 523 Posts
    • 197 Thanks
    mwarby
    • #2
    • 23rd Sep 16, 6:54 AM
    • #2
    • 23rd Sep 16, 6:54 AM
    I can't see why not. It's probably sensible to not bank with one of your creditors(although should be fine as not your money).
    • Kim_13
    • By Kim_13 23rd Sep 16, 8:29 AM
    • 804 Posts
    • 794 Thanks
    Kim_13
    • #3
    • 23rd Sep 16, 8:29 AM
    • #3
    • 23rd Sep 16, 8:29 AM
    I didn't think a child could have a current account until they were 7. A savings account is possible from birth and as it's not a current account, shouldn't cause any issues.
    Sealed Pot Challenge #9 No. 520 ~ ?/£100
    Virtual Sealed Pot Challenge 2016 ~ #9 £120.63/£250.00
    Completely Crazy Clothes Challenge 2016 ~ Approx £200/£240.00
    Emergency Fund #170 ~ £300
    • xylophone
    • By xylophone 23rd Sep 16, 11:13 AM
    • 18,452 Posts
    • 10,382 Thanks
    xylophone
    • #4
    • 23rd Sep 16, 11:13 AM
    • #4
    • 23rd Sep 16, 11:13 AM
    Why not open a JISA for your daughter and pay gifts into that?

    It would build a nest egg for when she is 18 when the money will be accessible.

    Coventry offer 3.25%.

    https://www.gov.uk/junior-individual-savings-accounts/overview

    Open a "pocket money" account when she is seven?

    http://www.moneysavingexpert.com/savings/child-savings-tax-free
    • **laura**
    • By **laura** 23rd Sep 16, 10:11 PM
    • 70 Posts
    • 11 Thanks
    **laura**
    • #5
    • 23rd Sep 16, 10:11 PM
    • #5
    • 23rd Sep 16, 10:11 PM
    Thank you all. I would like access to it so I'm not sure a JISA would be suitable but something to consider. Sadly we don't have long until she is 7, time is flying so just over a year, maybe the best idea would be to stick as we are for now and open a current account then.
    • Kim_13
    • By Kim_13 24th Sep 16, 10:50 PM
    • 804 Posts
    • 794 Thanks
    Kim_13
    • #6
    • 24th Sep 16, 10:50 PM
    • #6
    • 24th Sep 16, 10:50 PM
    Halifax Young Saver sounds good. Your daughter can have an account card once she's 7, but you can withdraw money before that http://www.halifax.co.uk/savings/accounts/kids/young-saver/
    Sealed Pot Challenge #9 No. 520 ~ ?/£100
    Virtual Sealed Pot Challenge 2016 ~ #9 £120.63/£250.00
    Completely Crazy Clothes Challenge 2016 ~ Approx £200/£240.00
    Emergency Fund #170 ~ £300
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