Passbook Savings Accounts

Aimless

I had an account with National Savings for my teenager, and was just about to open another for my baby, when they wrote to say they were becoming postal only and also doing away with the passbook. Can anyone recommend any other passbook accounts?

I just looked at junior ISAs, but I see you can't get the money out of them until the child is 18. The reason I want a passbook account is so I can hold the book, and add money to it, and decide for myself when the child is allowed it. So it could possibly be before 18 if circumstances require, or even older than 18 if I don't feel they are ready to use it for something sensible.

I will add, my teen does have a normal bank account as well that they can operate as they see fit, I'm not a control freak or anything.

alanq

From another thread

psychic_teabag wrote: »

if you go to
http://www.money.co.uk/savings-accounts/instant-access-savings.htm
then choose advanced search and "account access", you can ask for passbook accounts in there.

Newbie2saving

I have a leap account with the Skipton BS for my DS which has a passbook. I don't think it is one of the best paying accounts, so you may want to look round.

xylophone

http://www.hmrc.gov.uk/tdsi/children.htm
http://www.lawdonut.co.uk/law/personal-law/family-trusts-and-inheritance-tax/trusts-for-children-and-other-family-22-faqs - 4 and 5

psychic_teabag

If the account is for a baby, can you look for the best return in the short term, and then transfer it to a passbook account (if they still exist) when the child is older ? Though if it's their money, not sure if they'd need to be present for such a transfer.

Anything to stop them (when they're older) just going to a branch and saying that they've lost the passbook ?

lovinituk

Nationwide use passbooks for the childrens accounts.

thenudeone

You could still open a Junior ISA without your child's knowledge and simply not tell them about it until you think they are responsible enough!

The bank/BS would probably write to them when it matured into a standard ISA so you would probably have to intercept a letter on or around their 18th birthday (naughty but well-intentioned).

As long as you do this with a smaller more obscure institution there's little danger of your son trying to open an account there as an adult and being told - Oh, you already have an ISA with us with £kk in it; didn't you know? A passbook account on its own doesn't solve that problem.

xylophone

thenudeone wrote: »

You could still open a Junior ISA without your child's knowledge and simply not tell them about it until you think they are responsible enough!

The bank/BS would probably write to them when it matured into a standard ISA so you would probably have to intercept a letter on or around their 18th birthday (naughty but well-intentioned).

As long as you do this with a smaller more obscure institution there's little danger of your son trying to open an account there as an adult and being told - Oh, you already have an ISA with us with £kk in it; didn't you know? A passbook account on its own doesn't solve that problem.

See my links above.

Aimless

Thanks for the advice everyone, especially the link to the site with filters to show passbook accounts. I've found a little building society that looks like the sort of thing I need. And I just checked the NSI site to compare interest rates, to find they've been paying a pittance, I may as well have tucked it under the mattress!

To be honest, I'm not expecting them to wilfully attempt to obtain the money against my wishes, I just want it beyond 'I'll just borrow a bit for a game/cd/clothes' reach. My teen knows there is another account, but not who with or even how much. I want it to be used towards something like driving lessons/first car/education and so on. So have no idea what age they'll need it. We're not talking vast sums though, just a helping hand.