Opening A Savings Account on behalf of Children

Plantextract

i would like to open a high interest savings bank account on behalf of my baby. i want it to have no restrictions for example no minmum or maximum deposits per month but i do not need to withdraw money on regular basis.
I want to know if i can just open a normal savings account in my name and then fill in a R85 form to claim tax free as it is for my child, or do i have to open a special savings account in childs name etc etc
please help, i have looked at so many different options but a lot seem to have restrictions and i just want something straightforward but with a decent interest rate.
thanks

opinions4u

Rate wise, Lloyds TSB or Northern Rock are the place to look.

I think they have upper limits (£20k and £10k) for their 3% rates.

I want to know if i can just open a normal savings account in my name and then fill in a R85 form to claim tax free as it is for my child, or do i have to open a special savings account in childs name

A kids account where you are noted as having parental / signatory responsibility is the solution.

You can sign an R85 form on behalf of your child. Take a look in to Martin's articlee on the £100 rule.

xylophone

http://www.hmrc.gov.uk/tdsi/children.htm - note especially the "£100" (per parent) rule.
http://moneyfacts.co.uk/compare/savings/accounts/search-results/
You are not confined to Child accounts - you can open any account where the provider will accept a "re" or trust account http://www.money.co.uk/savings-accounts.htm?t=356536&u=5752828b435