Easy Access Savings Account for Children

plusman

My son has just started a paper round and wants to open a savings account so that he can start saving his hard-earned cash. Ideally he would like one that has a reasonable rate of interest but also easy access (ideally with some form of cash card). Does such an account exist or are they all bank/building society-branch based?

Thanks for your help.

debbie42

plusman wrote: »

My son has just started a paper round and wants to open a savings account so that he can start saving his hard-earned cash. Ideally he would like one that has a reasonable rate of interest but also easy access (ideally with some form of cash card). Does such an account exist or are they all bank/building society-branch based?

Nationwide have a Smart account. Comes with a cashcard for over 11s, or you can opt for a passbook. You can monitor it over the internet or in the branch, and use the cashcard for deposits/withdrawals. It pays a good rate of interest too.

plusman

Debbie,
Thanks for the suggestion. I see that the Nationwide is currently giving over 5% on this account, which doesn't seem at all bad for this type of account.

debbie42

Due to go up to 5.78% 1st June, according to Moneyfacts.
When you do open an account, don't forget to register for gross interest, as they won't do it automatically.