Bank accounts for young kids

mrsausages

My two year old has been sent a cheque for £10 for her birthday (made out in her name). I'd like to know whether people think it would be worth opening a bank account in her name (if so any recommendations?) or if it is better to send the cheque back and request it is resent in my name, so that I can bank it and stick it into her CTF.

I am assuming that no bank will let me pay the cheque into my account - am I wrong? It is likely that the same will happen each birthday and Christmas.

I look forward to your thoughts!

Many thanks,

Peter.

Sillychuckie

I'm guessing its probably worth getting one open in her name just for any future cheques that might arrive. You don't want to be sending them back each time. You'll be able to manage it for her and move the money out anywhere else should you wish to.
As she gets older, the money will build up. She'll be needing an account one day, may as well start now.

BexTech

mrsausages wrote:

My two year old has been sent a cheque for £10 for her birthday (made out in her name). I'd like to know whether people think it would be worth opening a bank account in her name (if so any recommendations?) or if it is better to send the cheque back and request it is resent in my name, so that I can bank it and stick it into her CTF.

I am assuming that no bank will let me pay the cheque into my account - am I wrong? It is likely that the same will happen each birthday and Christmas.

I look forward to your thoughts!

Many thanks,

Peter.

I'm surprised you haven't got an account set up for them in their name, I thought it was automatic parents opened up accounts, I know within days of registering the birth we opened building society accounts for all our kids, as did my parents for me.

I admit I use my kids accounts for tax free savings as well as putting in money for when my kids are 18.

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1089574348,16470, is worth a quick read.