Best high street savings account for child?

Scarla

Looking for an account for my daughter to save pocket money and birthday/Christmas gifts, so wondered which was best.

We have Santander, Halifax, Yorkshire Bank, Lloyds, Barclays in our high street.

Obviously it needs to allow me to sign should she wish to withdraw anything. Has £150 inital deposit.

She has two accounts that I save in for her, one is a trust fund and the other a long term savings account that will pay out when she turns 18.

Archi_Bald

One of the Santander Mini acounts? http://www.santander.co.uk/uk/current-accounts/123-mini-accounts

One of the kids savings accounts? http://www.moneysavingexpert.com/savings/child-savings-tax-free

xylophone

She has two accounts that I save in for her, one is a trust fund and the other a long term savings account that will pay out when she turns 18.

You are aware of the "£100 rule"? (Does not apply to CTF/JISA).

http://uk.virginmoney.com/virgin/savings/learn/childrens-accounts/

"There are special rules in place with HMRC if the savings have been given by a parent. If gifts from a parent produce more than £100 gross income a year, the whole of the income from the gift is normally taxed as the parent’s income and a child cannot get back any tax on that income. Nor can interest paying accounts be registered to have interest paid without tax taken off. The £100 rule applies separately to each parent. The £100 rule applies to income earned each year and it does not matter whether the fund is comprised of part capital and part added interest. The £100 rule applies as long as income is over £100 in any one year for any one child from one parent."

Where the parent is a "settlor" of a trust for his minor child

https://www.gov.uk/trusts-taxes/parental-trusts-for-children

"Income Tax on income from the trust is paid by the trustees, but the ‘settlor’ is responsible for it. This means:

The trustees pay Income Tax on the trust income by filling out a Trust and Estate Tax Return.
They give the settlor a statement of all the income and the rates of tax charged on it.
The settlor tells HM Revenue and Customs (HMRC) about the tax the trustees have paid on their behalf when filling out their Self Assessment tax return."

MattHawkins

Avoid Tesco Bank. I set up a child's saving account for my son. We took a birthday cheque into our local store to pay-in but they refused to process it.

The reason was that the cheque was in my son's name but the account cash card was in mine. It was Tesco who printed the card for the account so now we can't pay in the cheque.

I'll be closing it next week and won't ever be returning to Tesco "Bank".