Confused.....

**confuzzled**

Basically the title says it all, I'm confused:o

My parents, very kindly, want to put money away for me and as hubby and I are expecting our 1st baby in October they want me to open another account for bubs:) I know my parents are fab:D

My Mums old school and prefers a passbook and going into the branch so I'm looking for somewhere I can open 2 accounts, both with passbooks, one that can have instant access(mine) and one that has no immediate access(bubs'), is this possible to do without credit checks(on a DMP)?
Also as my darling Mother doesn't drive I'm restricted to Northern Rock and Santander(Abbey National). Also I'm not sure how often my parents will be able to add to the account so don't want an account where you HAVE to put a certain amount in so you don't lose interest iyswim

I really have no idea what option would be best, would an ISA be good for the babys account???

Any help/advice is much appreciated:)

TIA xx

Lokolo

If the accounts are in your name then the interest will be taxed unless in an ISA.

If the accounts are in the babies name the interest won't be taxed.

Given that, Santander + NR with passbooks won't get interest decent anyway. And I can't see you getting an ISA with passbook anyway.

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For the child accounts, wait until they're born as you can open it in their name and get it tax free interest.

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You are severely limiting your options going with 2 banks and wanting a passbook unfortunately.