How old to open a "normal" account

Simpler_Simon

I'm trying to work out what to do with some money that has been given to my kids and we are happy to tie it up for a while. It seems to me that I can get a better rate on a normal account than on a kids savings account. Does anyone know if there is a minimum age one has to be before you can open a normal bank account? I don't want to spend ages filling out application forms only to get them rejected!!

YorkshireBoy

You can filter by account holder age on a moneyfacts savings search...

http://www.moneyfacts.co.uk/money/savings/0/savings-accounts-finder.aspx

Simpler_Simon

I've quickly done a search using that link and that searches kids accounts - and thanks for that - but it doesn't answer my original question

opinions4u

Simpler_Simon wrote: »

I've quickly done a search using that link and that searches kids accounts - and thanks for that - but it doesn't answer my original question

What do you define as a 'normal' bank account?

Give us some clues.

- How old are the kids?
- How much do they each have to save?
- How soon do you want them to have control of the money?

YorkshireBoy

Simpler_Simon wrote: »

...it doesn't answer my original question

It wasn't an easy question to answer!

So I read between the lines and decided you wanted a good home (ie decent rates) for some money for your children.

If you enter their ages the search will only return accounts they are eligible for. That, in turn, will deal with your "I don't want to spend ages filling out application forms only to get them rejected!!" comment won't it?

Simpler_Simon

OK - I know you are trying to help me and I'm not appearing very grateful (or gracious) but I am grateful.

I'm not asking anyone to advise me on where to put this money, or where to search for accounts - just if anyone knows if there is a minimum age at which the UK banking industry will not open an account for a child.
I have internet researched a number of accounts (non-children's that are available on the internet/branch/post/phone which I shall call "normal") that appear to pay better rates than equivalent children's accounts to which I could apply - but........
I don't want to spend ages filling out application forms only to get them rejected because there is a statutory minimum age etc etc

glider3560

There is no minimum age, by law. It is up to each bank/BS.

If there is a minimum age, it will say before somewhere before you apply.

If you've got any ideas of the account you want to open, post them here and someone will have a look for you.

opinions4u

There is no statutory minimum, but each provider will have their own rules.

Some will suggest you open the account with an adult as trustee for the child, others will open it in the child's name and allow the child to transact from the age of 7.

Others will have their own strange conditions!

Find an account, make a phone call, then apply.

Simpler_Simon

Thanks one and all.

Looks like I've got to make some phone calls - oh how I love call centres!!