Children's Accounts

peatles_2

I recently opened a savings account for my son at Halifax as we all bank there. However the account has changed since my daughters was opened 4 years ago. All I got was a print out with account details on and no passbook etc the lady I saw almost told me off for still having a passbook for my daughter! I wasn't impressed with the staff or the account so was wondering where else to put the rest of my son's Christmas money.
Any advice greatly received...I didn't even get a money box for him as I had with daughter upon opening, I felt very let down
The account will only be for putting money gifted to him in at Christmas and birthdays etc not a regular saver.

ses6jwg

whats the interest rate?

surely more important than an outdated passbook.

octavia05

The best childrens accounts currently are Virgin (Northern Rock) which will pay 3% interest. Skipton Building Society also have a good childrens account called Leap Issue 2 which pays 2.75% interest although this drops to 2.25% after 1 year. I do not have a Virgin Branch near me so have my childrens accounts with Skipton - you get a passbook for each account; Can't fault the service either. I think Lloyds also pay 3% interest on their childrens account but you would have to have a current account with them yourself to be eligible.

jonesMUFCforever

No you don't have to have a current account with Lloyds to open a child's account,
If you don't bank with them you will need two forms of ID and address confirmation - the same as you would to open an account yourself.

innovate

You do have to have a Lloyds current account if you want to open the 3% Young Savers account.

It doesn't say you must use this account for any particular purpose, you must just have one. A Lloyds Vantage account might not be a bad account to have, anyway since it pays you interest, too.

The "Lloyds option" is probably of a lot more interest to a lot more people than the 3% Virgin account, which can only be operated in Branch or by Post. Whilst the Lloyds Young Saver also can only be operated in Branch, there are a lot more Lloyds than Virgin Branches.

jennifernil

For the Lloyds Young Saver that pays 3%, you do have to have a Lloyds current account yourself.

http://www.lloydstsb.co.uk/savings/young_savers_account.asp


I see innovate types faster than I do!

peatles_2

Thanks everyone, I do have a Lloyds account so I will investigate in there. Halifax annoyed me because they didn't explain anything at all so probably poor service rather than annoyance of no passbook!

surreysaver

I had the same problems with Halifax last year. They've become a nightmare to deal with, and they don't explain anything to you. And you will find that they will no longer allow you to be a trustee for your children's accounts. I think they've had a shed load of complaints about this, so may be they'll change their attitude towards children's accounts, but who knows?

pinkdalek

surreysaver wrote: »

I had the same problems with Halifax last year. They've become a nightmare to deal with, and they don't explain anything to you. And you will find that they will no longer allow you to be a trustee for your children's accounts. I think they've had a shed load of complaints about this, so may be they'll change their attitude towards children's accounts, but who knows?

If someone doesn't explain something to you why don't you ask them the questions in order to get the answers you are looking for?

Until the child is 16 the controlling adult who opened the account is also a signatory on there and can transact on the child's behalf.

Halifax accept accounts for children irrespective of their parent's relationship with the Halifax. Many banks out there don't want to know childrens accounts unless you are willing to bank with them too. So how can you comment about Halifax's attitude to young savers when they are willing to open accounts for anyone?

Hardly a nightmare really is it?

opinions4u

Well if you want to stick with Halifax:

Easy money - Young Saver 2% (you can get more from Lloyds TSB or Northern Rock).

Regular saving for next year - Kids Regular Saver 6%.

Money you dont want the child to touch until they're 18 - Junior Cash ISA 6% if you also have a cash ISA.

surreysaver

opinions4u wrote: »

Money you dont want the child to touch until they're 18 - Junior Cash ISA 6% if you also have a cash ISA.

No good if they're not entitled to a Junior ISA!