Pass Book based Childrens savings/JISA

aspiration_2

Googling did not help.

A PASS BOOK based Children's account for savings as well as one for JISA needed.

Halifax do not have any such book based account.

Anyone know of any hidden gems?

cloud_dog

aspiration wrote: »

Googling did not help.

A pass book based Children's account for savings as well as one for JISA needed.

Halifax do not have any such account.

Anyone know of any hidden gems?

I don't want to come across as harsh but....Not sure you looked too hard?

If Halifax are who you want to use....

Halifax Young Saver 3% (cash card available to children over 7)
Halifax Junior Cash ISA 3% or 4%

EDIT: The web pages don't confirm a passbook if this is fundamental to your requirements but I'd like to think it is fairly standard for children's account's. Our DD has the Young Saver with the cash card (we didn't want a passbook with this account)

aspiration_2

Yes.

I wanted these to be passbook accounts. At least the savings account. May be JISA is unlikely to be.

Halifax confirmed that those accounts are not pass-book based.

cloud_dog

aspiration wrote: »

Yes.

I wanted these to be passbook accounts. At least the savings account. May be JISA is unlikely to be.

Halifax confirmed that those accounts are not pass-book based.

Ok, so passbook is No.1 priority.

So, are you willing to sacrifice the interest rate for a passbook?

aspiration_2

Thanks.

Am prepared to sacrifice a bit of interest for the sake of the child being able look at the book now and then.

So instead of the 3% will willingly settle for 2.5%.

cloud_dog

Hi

Nationwide do children's savings accounts and JISA:

My DD has the Smart Limited Access one, which I can confirm comes with a passbook. A couple of points to bear in mind. Limited access means 1 withdrawal per year (in.c closure) otherwise interest reduced (0/75%). Also the rate only lasts for a year.

They have a Smart Junior ISA but I can't confirm if a passbook is available.

cloud_dog

There are lots of places that do both Children's Savings accounts and JISA (Lloyds, TSB, Coventry just to name a few) but it looks like you'll have to ring them / go in to confirm if they provide a passbook.

Mostly they seem to have very similar interest rates (around 3%).

steelbru

Are you sure the child wants to look at a pass book ?

We're in the digital age now, and children are so much into on-line stuff, perhaps they'd rather check the balance on their iPad ;-)

jimjames

steelbru wrote: »

Are you sure the child wants to look at a pass book ?

We're in the digital age now, and children are so much into on-line stuff, perhaps they'd rather check the balance on their iPad ;-)

True.

As a moneysaving site it doesn't seem to be giving the right message to children that getting the best return on their money isn't important.

mrssjs

It may not have a passbook, but given you can get a 12 month regular saver from Halifax offering 6.00% gross/AER surely that's more attractive than a book?

butterflymum

Depending on their ages, it could be helpful to at least consider the option of online banking for them and it could be treated as a very good start to their ongoing financial education.

Our children did have pass book accounts, but we took the plunge about a year ago and moved them all to online banking.

At the time, Santander 123 Mini current accounts worked out best for them, as they could both earn interest on money saved in the account and have easy access to it if needed.

For full details, see

up to 11 yrs old http://www.santander.co.uk/uk/current-accounts/123-mini-accounts/123-mini-in-trust

11 to 18yr olds http://www.santander.co.uk/uk/current-accounts/123-mini-accounts/123-mini-current-account

https://www.123mini.co.uk/ with interactive calculator, games etc to help learn about finances

As with adult finances, it is best to check around to see which particular banks offerings will best suit their needs, as there are various other products available, and to consider Current Accounts, if they have an interest paying element to them.