Advice on babys bank accounts

ptkloon

Hi guys,
Both my wife and I have bank accounts with the bank of Scotland and would like to set up a current type account for our 3 week old baby. We were also looking at having a junior ISA and saving around £25 per month for our babys future.
Has anyone had any dealings with family investments website? And are there bank accounts for babies/young children with the Bank of Scotland? I can't seem to find a current account online.

Fire_Fox

A baby can't have a debit card and doesn't pay direct debits or standing orders so has no need for a current account. Why not have an instant access savings account with a cashcard?
http://forums.moneysavingexpert.com/forumdisplay.php?f=20

sassyblue

I think if you're savingmonthly the Halifax Regular Saver usually comes out tops. It pays 6% AER (l couldn't understand the AER bit but it roughly works out approx 3% annual interest to him).

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

realaledrinker

sassyblue wrote: »

I think if you're savingmonthly the Halifax Regular Saver usually comes out tops. It pays 6% AER (l couldn't understand the AER bit but it roughly works out approx 3% annual interest to him).

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

No it computes to 6% on the average balance, worked out on a daily basis.

xylophone

A baby doesn't need a current account.
If you are providing savings for your child outside a JISA/ tax exempt schemes be aware of the "£100 rule".

http://www.hmrc.gov.uk/tdsi/children.htm

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingMoney/PlanningYourPersonalFinances/DG_10013916

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingMoney/SavingsAndInvestments/ISAsandJuniorISAs/DG_199672
http://www.moneysavingexpert.com/savings/child-savings-tax-free