Best instant access account for 8 yr old

katskorner

Hi,

My eight year old son has a full piggy bank and has asked where he can keep his pocket money now as he is saving up for something special. I told him we need to open him an account in which he can save his money but he can get it back when he wants to. I told him about interest and how the banks will pay you to keep your money with them and he thought that was ace (ok so rates are low but piggy banks don't pay interest do they?).

He already has a CTC with Yorkshire and a savings account with the Nationwide but I will not allow him to use these until he is much older!

Suggestions please. Many thanks in advance.

Lokolo

http://www.halifax.co.uk/savings/accounts/branch-accounts/#youngsaver

Something like this?

opinions4u

Northern Rock or LloydsTSB

katskorner

halifax showing at 2%
northern rock at 3%
can't find one for under 11's at LloydsTSB

Had a look at Nationwide and shocked at how low their rates are - just 0.75% - really need to find my kids a better account to switch their main money - can afford to tie it up so now also looking for a good kids savings bond / account.

opinions4u

http://www.lloydstsb.com/savings/young_savers_account.asp

[Deleted User]

http://www.moneysavingexpert.com/savings/child-savings-tax-free#best