kids bank account PLEASE?

pingu

Hi
i want to open an account for my son 10 years old he has about £100 saved up

will be paying £10 a month for him

i tried a search but nothing came up on the site

anyone know which is the best for him?


thank you

hilary1

pingu wrote:

Hi
i want to open an account for my son 10 years old he has about £100 saved up

will be paying £10 a month for him

i tried a search but nothing came up on the site

anyone know which is the best for him?


thank you

Try Nationwide. I opened accounts for my grandchildren which is for under 12 years so they can't touch it until then with a fair interest rate, but I think they do other sorts of kids account aswell

kbarty

Halifax to a kids regular savings account that's 10% AER. It lasts for a year (with a guaranteed rate) and you pay between £10 and £100 a month in. I think you have to open a kids account too to benefit.

http://halifax.co.uk/savings/childregularsaver.shtml

I'm planning to open this for my 2 kids soon. HTH.

pingu

he needs an account where he can take money out if he wants to buy something.((after we bought him everything))!!!!kids these days!

BWZN93

With Nationwide's Smart account, once your son is 11 he can also have a cashcard (not debit card - ATM only!) instead of a passbook. The rates arent bad either : Smart Account

HTH

Jo xx

Al_Mac

National Savings Regular Saver, access via the Post Office.

Does have to be eleven though.

sparkymark_3

Try Britania Building Society First saver account - you can make transfers from your account, you son will become a member (good for windfall if ever convert) and they have a bonus /loyalty scheme. When aged 12 can have a cashpoint card which has a daily withdrawl limit based on age starting at £10 !

nilocmac

Nationwide Smart account gets my vote too. You are able to transfer money from your FlexAccount directly into your child's account. This is especially useful if grandparents give a cash gift.

scorour

Nationwide Smart Account for me also...I have one each for my two kids and transfer £25 per month automatically from my Flexaccount into each account.

3rd child due in 3 weeks, there goes another £50 per month :eek: (I also transfer £25 each into a 20 year savings plan)

However, I am tempted to take advantage of the Halifax 10% for the year aswell, and then transfer the balance after the year into the Smart Accounts, anyone see a problem with that?

$17mma

jw1096 wrote:

With Nationwide's Smart account, once your son is 11 he can also have a cashcard (not debit card - ATM only!) instead of a passbook. The rates arent bad either : Smart Account

HTH

Jo xx

Hi JW

It doesnt mention the interest rate on the link. Any idea on what it is?

nilocmac

$17mma wrote:

Hi JW

It doesnt mention the interest rate on the link. Any idea on what it is?

Smart Account
instant access savings account for 0-17 year olds

effective from: 01/09/2005 £1+ 4.76%

http://www.nationwide.co.uk/savings/rates.htm