Halifax - Childrens Accounts - OR

sort_me_own_yard_out

Good Morning,

Just been reading another thread regarding bank accounts and it came up that The Halifax will close all accounts including childrens.

As I bank with Halifax I am planning to start using the co-op cashminder account I have had up and running (i have had it 2 years and not used it properly). I didnt give my childrens accounts one bit of thought.

My kids 12 & 7 both have a little savings account that Christmas/Birthday money goes into and more often not comes out as soon as the cheques clear. my eldest could do with one with a cash card now he is that bit older and the balance on his is £0! My younger has around £250.

My questions being, has anyone had problems opening up 2 little accounts for the kids after BR? Do the Co-op do a kids account and would the OR be interested in the £250 my daughter has in her account?

sort_me_own_yard_out

Well I have done what I should/could of done before i had a mild panic about it.

The co-op do a kids account here is something I copied and pasted earlier!!!

Bonus account

Saving, learning and... earning

In a nutshell...

• Gets children used to the idea of putting money away – rather than spending it in a flash!.
• It grows with them – they'll gradually be introduced to the importance of budgeting, how to use a cash card and how to keep track of their money through quarterly statements.
• Any adult can open a Bonus account on behalf of a child aged 16 and under, and the adult will have full control and/or access over child’s account.
• Any child aged between 7 and 17 years, 9 months, can open the Bonus account in their sole name, which means that only they will have full control and/or access to their account.

So as both my children can be responsible for their own accounts surely this wont be affected at all in my bid to go BR when I get my fees together.

tigerfeet2006

Yes the Co-op do do Children's Accounts, give them a ring and they will send a pack out.

If the account is a children's account then the OR will not be interested.

All mine have accounts with the Co-op.

sort_me_own_yard_out

Thank you,

I dont think my youngest should have it purely in her name, even if I opened it on her behalf (think they call it a signatury) will they not be interested in it, and will the co-op freeze it for any length of time like they will mine?

sorry questions questions and more questions!!

singingsister

My daughter has a Halifax children's account and it wasn't closed when we went BR. And Halifax were a creditor.

tigerfeet2006

The account will be in your child's name with you as a signatory, it is still your child's account so it won't be of any interest to the OR or the Co-op.

The Co-op won't freeze your account, they are very BR friendly. Let them know when you have a date for BR. When the OR asks which is your everyday account just let him know that the Co-op one is and he should let them know he has no interest in it.

tigerfeet2006

singingsister wrote: »

My daughter has a Halifax children's account and it wasn't closed when we went BR. And Halifax were a creditor.

You were very lucky, experience on the board is they close any accounts that the BR has anything to do with. If you aren't named on it it may have slipped through the net that way.