Childrens bank accounts

bouncingtigger

When my children were born I opened up a Post office savings account for them with the intention of walking to the village post office and for them to be involved in counting out the money to pay into their own account. Unfortunatley our village post office has been closed (don't get me started on that!!) and I refuse to brave the queues at the town post office. I am after a childrens high street bank account for them so they become used to the idea of saving money in their piggy banks, counting it out, taking it to the bank to pay in etc. As i think its never to young to start learning about money. In my high street we have barclays, HSBC, Lloyds TSB, Abbey, Halifax, Natwest, Yorkshire Bank. Can anyone point me in the right direction. We normally deposit about £100 a year (not all in one go)
Thanks

slowandsteady_2

I have also been looking for an account for my daughter, the best one i have found is with Halifax, it pays 6% for the first year and then it gets moved to a 'regular saver' From what i have read and understood though i think you have to pay a minimum £20 per mth into the account and make no withdrawals for that 12 mths to get the interest rate. From what ive read of leaflets the interest rates on childrens accounts arent brilliant so if you just need somewhere for the money to go into and sit in then any of the banks you mentioned will offer childrens accounts, some will come with passbooks, others with cards and/or cashbooks. Itd be worth going in them and picking up a few leaflets.

opinions4u

slowandsteady wrote: »

I have also been looking for an account for my daughter, the best one i have found is with Halifax, it pays 6% for the first year and then it gets moved to a 'regular saver'

It's called the Children's Regular Saver and gets moved to the Save4It account at the end of the year. You can then continue the Children's Regular Saver for another year. Funds in the Save4It are instant access.

From what i have read and understood though i think you have to pay a minimum £20 per mth into the account and make no withdrawals for that 12 mths to get the interest rate.

Between £10 and £100 actually. Perhaps arrange for the child benefit to fund it.

A child aged between 11 and 15 can get 1.51% AER on their Easycash account. Strikes me as a decent rate for a debit card facility.