Childrens Savings Account Freebies

Ninapoppy

The Cooperative offer an ethically sound childrens account with freebies !
On opening the account, kids get an elephant money box, then when they are 7 they get a pencil case, notebook, pencil and ruler - all made from recycled materials, then at age 11 they get a calculator. At each stage the co-op give the Born Free Foundation a donation.

Plus they get an annual bonus of £2 every year to age 12 and £10 per year after that (subject to minimum £50 in account for previous 12 months)

Interest rate not brill at 4 - 4.5 % though.

Anyway the link is https://www.co-operativebank.co.uk

zolablue25

If I understand the Co-op offer correctly, you can put just £50 quid in then and get the 4% interest + £2 annually (which on £50 is 4%) giving you an annual return of 8%!

That sounds pretty good. Not so good if you intend to keep a sizeable chunk of cash in there though.

Zolablue25

jo_b_2

The Co-op account looks interesting particularly if you have children aged 13-18 as they would get a £10 bonus every year on just a £50 balance which seems like an excellent offer!

I'll certainly look into it. Worth it as a second savings account for my son, which can build up without any effort.

WELSH-DRAGON_2

Today, I opened up building society accounts for my 4 children with the Principality. They had some lovely ceramic Dylan the Dragon moneyboxes as per link below:

http://www.principality.co.uk/Default.aspx?page=580&lang=en

Interest rate is 4.40% gross pa and I opened the accounts with £1.00 each

Hope this helps someone

:santa2:

MJD

jo_b wrote:

The Co-op account looks interesting particularly if you have children aged 13-18 as they would get a £10 bonus every year on just a £50 balance which seems like an excellent offer!

This looks a good deal - I am definitely thinking about this as a second account for my children.

Frogmarched my 13yr old around the town today looking for a card cash account that he can use to put his paper round money in - was looking for somewhere that offered the best incentive (freebie) to join that had a branch in my town that he could walk into and talk to someone if he needed to:

Lloyd's TSB - closed on Saturdays
HSBC - closed on Saturdays
Nat West - nice lady there told me that the 'incentive' to join was an interest rate of 1. something % and a card that he could use in the cash point
Halifax - lady there told me point blank that there were NO FREEBIES but there was a better interest rate
Nationwide - very helpful lady there could not be specific but said that she knew there were some vouchers in the welcome pack which will come through the post plus an interest rate of 4. something %

Needless to say we ended up opening an account with the Nationwide!

When will these banks learn that if they want extra custom - especially youngsters - they have to offer some sort of incentive - at that age they are not interested in interest rates. OK I know that they will not make much out of my 13 yr old and his paper round but surely they have to think long term - I have opened, used and closed accounts all over the place in search of a good interest rate or a better deal but I still do my general everyday banking and have my wages paid into the account that I opened 26 years ago - the incentive then was a load of stickers, a hat and a record! (they used to play music!!!)

bigjeff

With all these offers and % rates i dont know where to begin.
I have a two week old son and already he is getting money, but at the same time my wife and i would also like to add to his account every month, so, excuse me for being ignorant, but which one would be the best for long term?.

thanks

jeff

jo_b_2

bigjeff wrote:

With all these offers and % rates i dont know where to begin.
I have a two week old son and already he is getting money, but at the same time my wife and i would also like to add to his account every month, so, excuse me for being ignorant, but which one would be the best for long term?.

thanks

jeff

The Halifax Regular Children's Savings account offers one of the highest interest rates if you can commit to setting aside a regular amount each month (collected by standing order).

The Halifax Save4It children's account also offers a decent rate of interest and can be opened with just £1. My son has both these accounts.

If you bear with me, I will try to find a link detailing the current interest rates so that I don't give you any out-of-date info.

*Edit: Regular saver is 10%.
Save4It is 4.8%

http://www.halifax.co.uk/savings/children.shtml

Sazere

Just having a look around for suitable accounts for our children but nothing jumping out at me right now:-

HSBC LiveCash 11-17 year olds

• free electronic touch screen organiser when we open your account; store addresses, phone numbers, organise your diary as well as listen to FM radio
• special offers chosen with you in mind
• a Livecash card so you can get at your money when you need it, and once you are 13 a Solo debit card so you can also pay in shops and on the internet
• Internet Banking, Telephone Banking and Branch Banking
• monthly credit interest 2.56%NET, 3.20%GROSS, 3.25%AER
• quarterly statements or view your statement online with Internet Banking.

Natwest Young Saver savings account for under 11's
Saving can be fun! If you're under 11, we'll set you up with a special starter pack to help you track your savings.
Good because you get a great interest rate 4.75%AER and:

• folder packed with information about how to use your account
• a chart and colourful stickers so you can record what you're saving and the progress you're making
• quarterly statements showing how quickly your money has grown
• if you open an account with £10 or more, we'll give you a voucher for Dorling Kindersley's 'e-Explore Earth Geography Book' or 'My First Number Book'.

Natwest Card Plus savings account for 11-18's
If you're between 11 and 18 years old, a Card Plus savings account is a smart and handy way to manage your money. And when you're 18, it's easy to switch Card Plus to a comprehensive current account - you'll keep all your account details, enjoy help and support if you're a student, and have 24-hour online and telephone access.
24-hour access to your money on 3.15% AER interest, plus:

• manage your account using telephone and OnLine banking*
• withdraw cash free of charge at over 32,000 cash machines nationwide
• withdraw cash abroad where you see the Cirrus logo
• pay using your debit card in the UK (Solo) and abroad (Maestro)
• top up your mobile** at any of our cash machines
• enjoy a free card wallet, statement folder, paying-in book cover
• take advantage of our free tips on how to manage your money

Lloyds TSB Young Savers account
Children need no lessons in how to spend money, but with a Young Savers account they can learn how to save too.
The Young Savers account comes with a free black horse moneybox and height chart so children can watch themselves and their money grow. You simply open the account in the child’s name then manage it for them until they turn 16. Or from age 11 you can let your young saver manage their own account by transferring it into their name. A great gift for the youngster in your life, with an interest rate of 4.55% AER.
You’ll enjoy:

• attractive interest rate of 4.55% AER, payable tax-free,
• instant access to the account through branches,
• statements at least once a year to keep track of savings,
• free black horse moneybox and height chart.

Barclays
The Children's Savings account lets parents and guardians save for children aged up to 18.

You look after their savings for them - so they're not tempted to go on a spending spree - and get instant access with tiered rates so the more that's saved, the more interest is earned. If as a parent you give your child a gift of money that produces more than £100 of gross interest per year, the income will normally be taxed as yours. Most children don't pay tax on savings interest. If this is the case for you, ask for the Revenue & Customs R85 form† to complete when the account is opened or take one with you. Once we get a completed form, we'll pay interest without deducting tax. You can also get a form when you open the account at your local branch.

Aged 11-15?
Our BarclayPlus account is for children who want to manage their own money. It's a current account that also earns interest. Who doesn't like spending, whatever age we are? Our BarclayPlus Account for 11-15 year olds is a great place to start stashing your pocket money or the cash you get from your job. We'll give you a cash card so you can get to it whenever you need it. And the more you save the more interest you'll earn.

BarclayPlus at a glance:

• Easy to open with just £1.
• The more you save, the more interest you earn.
• Withdraw up to £50 per day from Barclays and Woolwich cash machines with a Barclays Cash Card*.
• You could use a VISA Electron card to shop with or withdraw £300 a day, as long as you've got money in your account and you get your parent or guardian's permission**.
• Cash can be paid straight into your account so it's perfect for pocket money or allowances.

Beck_Laxton

I was just about to sign up for the Halifax Children's Regular Savings account, and at the bottom there's a space for a special offer code! Anyone know what this might be? And what the code is, of course?

Thanks for any info.

welshcakes

I just applied for my 9yr for the Halifax CRSA and yes the code box is still there and no, I don't know it either.

My teenagers have both the Barclays Plus account and love it. Good interest and free ATM withdrawals from supermarket hole in the walls.