Current Account for 4 and 7 year old?

TweetyPipe

Hi,

I have a Halifax savings account for both of the above which I pay into a monthly amount with the intention of letting them have it when they reach a certain age.

I have recently been sent some cheques in the kids names. Normally I would pay into the above account but I would like to be able to buy some stuff for them in the garden. The account above has a penalty if I withdraw from it so keen to avoid doing that.

Asking the people to resend a cheque in my name is a no no.

I guess I would need to open a separate account in their names but despite looking around and asking in several banks, finding it hard to get any info.

Anyone got any experience of having a child account that they just use to pay in cheques and then withdraw?

I don't need anything else as I have various bonds, savings and ctf for them already.

Thanks, TweetyPipe

kelloggs36

do you have a Halifax regular saver account? I opened some for my children at 6% interest - it is an online account but has to be opened with a normal savings account which is instant access and appalling interest. the terms are that you have to pay in at least £10 per month into the internet account and no more than £100 per month but the other, linked account is instant access. You could pay the money into there.

TweetyPipe

I don't no. The problem would be though that I would only pay in once or twice a year if that. Just need an in and out account.

opinions4u

Halifax Save4it account should do the job - you'd just need to wait for the cheques to clear.

Open one for each child with you as named as trustee. Then you can pay the cheques in, wait for them to clear and then withdraw whatever you need (as long as you leave 1p or more in the account).

1.05% interest, free moneybox.

TweetyPipe

Lovely - that will do! Thanks