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Bank / Savings Account for New Born

juliand
juliand Posts: 23 Forumite
in Savings & investments
My brother had a baby last month.
Predictably the family are rallying around and spoiling the youngster.

I am looking for advice as to where we should put the cheques. My bank manager at HSBC suggests their savings account.

http://www.hsbc.co.uk/1/2/personal/savings/children/high-interest-savings-account-for-children

I was hoping that I might find some more 'independent' advice here :-)

Thanks Guys!
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Comments

  • opinions4u
    opinions4u Posts: 19,411 Forumite
    edited 24 December 2010 at 10:34AM
    Poor rates.

    Take a look at Bath Building Society (5%) and Northern Rock (a more flexible 3%) for day to day money.

    And Halifax Kids Regular Saver (6%) for monthly amounts between £10 and £100. Kids can have multiple versions of this account, as long as the trustee on each one is a different adult.

    It might also be worth looking in to Child Trust Funds.
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