Kids birthday cheques.....

BoingBoing_2

The cheques are from members of my family and rather than cheekily ask each person to give them cash instead, I remember that my mom used to pay my cheques into her bank account and give me the cash.

Can you still do this?

I am going to open up savings accounts for the kids once I've done a bit of research and found suitable accounts for them, but in the meantime, they wanna spend their birthday money!

Paparika

BoingBoing wrote: »

The cheques are from members of my family and rather than cheekily ask each person to give them cash instead, I remember that my mom used to pay my cheques into her bank account and give me the cash.

Can you still do this?

I am going to open up savings accounts for the kids once I've done a bit of research and found suitable accounts for them, but in the meantime, they wanna spend their birthday money!

I think if the cheques are in your name you can cash them for the children, I don't think they will allow you to do it now, but someone will come alone who will know a lot more than me.

amandada

IF they're crossed-which I think it standard now-then they can only be paid into an account in th ename of the payee

BoingBoing_2

ah, good point. Thanks for that

stef240377

I am with Nationwide and i know for a fact they will only put cheques into an account if the names match. My children were regularly receiveing cheques from extended family for birthdays etc and i felt a prat asking them to take them back and swap the name of who they were paying it to or send cash back. Makes you feel ungratefull of their gift.

*Louise*

I'm with Abbey and Halifax and can't pay anyone else's cheques into my accounts.

Surely it shouldn't take more than a few weeks to get accounts set up for them? Can you give them a 'loan' of some of the money till then?

I think that's the handy thing about the £250 CTF for new babies from the government these days - it encourages accounts to be set up within the child's first year.

LillyJ

I have always had a bank account since I was very small, I used to take in a pound or 2 pounds at a time so I could see it building up. It got me in to very good habits. Get them an account ASAP. Then maybe encourage them to save rather than being so desparate to spend it !

zippybungle

Why don't you just open them up a bank account each?
If my Kids get any money for B'day/Xmas then I put it straight into their bank account - and it stays there!

Zippy x

neverdespairgirl

You can open children's savings accounts.

chocolate.orange_2

I opened accounts at the Halifax for this reason, it was so easy and didnt take long to set up. Cash/cheques could be paid in straight away.

They got a few 'cool' bits too. Like a cash savings thingy, a pretend savings card and a savings book.

BoingBoing_2

Thanks for all the advice.

They do have savings accounts, but their father controls those (they're not allowed to touch the contents until they're 21 or something (he's tight)).

I want to open accounts for them that they can actually use, so they learn and understand cash flow. EG if there's no cash in the account, they cant spend what they don't have and have to save up.

Any recommendations for decent kids accounts? I'll look into Halifax as there's a branch in my local town