Bank account for my 4yr old

Howelljones

Hi all,

I'm hoping to gain a little advice. I have a 4yr old son for whom I want to put aside a small amount of cash every month. We could also pay in any cash he receives from birthdays and the like.

What are my best options regarding the type of bank account to use.

We don't necessarily need a debit card but would require online access so see where we stand on his balance etc.

Or am I heading in the wrong direction completely and should be looking for a savings account.

Thanks for reading.

grumbler

Howelljones wrote: »

Or am I heading in the wrong direction completely and should be looking for a savings account.

I think you are.

• Children's Savings

Archi_Bald

If you are looking for something more like a current account, you can try the 123 mini in trust

xylophone

Does your child have a CTF? (Transferable in due course to the more flexible JISA).

You might want to bear in mind the £100 rule for parental gifts (does not apply to tax privileged accounts like CTF/JISA).

You might prefer to save in CTF/JISA with gifts from others going into a separate account?

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

Howelljones

Thanks for your replies everyone.