Pass Book based Childrens savings/JISA

System

The Halifax junior ISA / Young saver dont even have online access. You have to go into branch and ask them to print you out a statement. Pretty poor if you ask me.

Westie983

halifax dont offer any passbook account any longer regardless if its a child or a adult account, but those with a current passbook can continue to use till the rules change again, as many of the passbook accounts have been changed to card based accounts so customers have a choice of self service options...

with a passbook you are limited to just using the counter system so are restricted to opening hours of a branch or the time spent in a queue, (or not depending on the branch) with card based accounts now that are offered a customer has the use of the inside and outside ATM's telephone banking, Internet Banking, Immediate deposit machines (for paying in only) and counter service - as you can see lots more options for customers to access their accounts, depending on their own preferences or choices...


as mentioned above you may struggle to get a passbook account from a high street bank but you can still seem to get passbook accounts from building societies like nationwide and yorkshire/kent reliance but this is at a cost of the interest that is offered...

is a passbook really worth losing up to 5.5% interest when compared to a 6% regular saver or a 3% young saver that comes with a card and statement of account balance at any time....

just a thought :-)

aspiration_2

Thanks for all the replies.

If possible at all, loosing 0.5% (not more) is ok. I felt it would be nice if the child takes the pocket money to the bank and gets it noted in the book. This might encourage saving. Kids are always online, but I am not sure if banking for under 10s should be online. You have to take the savings and cheques to the bank anyway.

As you all know the 6% for 1year is not actually 6%. The first month is 6% and then progressively goes down. After 1year you have to move it anyway (to the 3% account).

It appears that there are no book based accounts with good interest rates. So this is going to be online.

bizzie

I have just transferred a CTF to a Nationwide JISA and received a passbook. Rate advertised as 3.25%.

jimjames

aspiration wrote: »

As you all know the 6% for 1year is not actually 6%. The first month is 6% and then progressively goes down. After 1year you have to move it anyway (to the 3% account).

That is completely incorrect.

The rate is 6% for all the money for the time it is in the account. The rate does not go down through the year.

Skibunny40

I totally get why you want a passbook.


To be honest, unless you're putting large amounts into the account, the amount of interest you lose is nothing compared to the benefit of having a child understand the concept of savings. Online doesn't have the same impact - or certainly it didn't for my daughter!


Try Skipton JISA - website states it comes with a passbook.