kids savings

partan

my 5 year old has £1100 in a rbs kids account earning 0.5% interest so im looking for somewhere a bit better for it. Chances are it wont be touched until hes a teenager at least. Kids accounts dont look that great in general, but would there be anything to stop him getting this from C&G, or something similar?

opinions4u

Best easy access specific kids accounts are LTSB and Northern Rock paying 3%.

Halifax allow you to open fixed rate kids accounts (so R85 can be signed for gross interest).

The C&G Step Bond has a minimum age of 16 (I think), so it would have to be in your name with no reference to your child.

partan

yeah i looked at the halifax ones, but they're branch only accounts and we dont have halifax in north scotland. The similar account in B.O.S. is a minimum opening deposit of £2000 so its no use.
The LTSB one looks good tho, thanks for that, i hadnt seen it before, and we've got a branch not too far away.

martinman3

Unfortunately, you need to have a Lloyds TSB current account to open a Young Saver.
http://www.lloydstsb.com/savings/young_savers_account.asp

The previously mentioned Northern Rock/Virgin Money Little Rock account at 3% or the Fixed Rate Issue 6 at 3.30% for 2.5 years can be opened by post/phone or online. You would probably need a certified copy of your childs birth certificate though.
http://www.northernrock.co.uk/savings/find/Little_Rock_Access_Account_Issue_2/account-guide/

The Skipton BS has the Leap account at 2.75% falling to 2.25% after 12 months, they have branches in Scotland.
http://www.skipton.co.uk/savings_and_investments/childrens_savings/leap_account/

xylophone

You do not need to confine yourself to child specific accounts if you do not wish to - you just need to check whether the provider will accept a "re" or trust account if you are holding the account on behalf of the child or any age restrictions if not.
http://www.hmrc.gov.uk/tdsi/children.htm
http://www.money.co.uk/savings-accounts.htm