Bank/savings account for child

harloe

Hi there,

I am looking to open a bank account for my god daughter who is 6 months old. I want an account that I can open with £50 and will pay a DD of say £15 a month in until she's 18. I will top it up at Christmas and birthdays but it won't be a massive amount of money each year.

Please can someone recommend an account that would be suitable? She doesn't need access. I've looked at a post office account but you need £500 initial deposit.

Any thoughts would be gratefully received.

Thanks
Harloe

elwy

Just a thought - have you considered putting the money into her child trust fund? This is what a family member has done since our baby was born.

3kidsandskint

i would put this into a child trust fund as the last post states, if you put into a savings account then when the child is old enough(alot younger than 18) they will be legally entitled to the money in the account themselves

harloe

Thanks both, I'll have a chat with her parents - not even sure they have a CTF. If not, i'll direct them on here and make them set one up!

Thanks

opinions4u

harloe wrote: »

I am looking to open a bank account for my god daughter who is 6 months old. I want an account that I can open with £50 and will pay a DD of say £15 a month in until she's 18. I will top it up at Christmas and birthdays but it won't be a massive amount of money each year.

I would suggest Halifax Regular Saver paying 8% for your monthly contributions. It matures annually. Each year I would look to transfer the funds to the Child Trust Fund if you are happy to lose control of the money.