Children's bank account help

thriftyemma

Hi all,
My apologies if this has already been asked. I've searched, and just cannot find an answer anywhere.

I'm looking to set up current accounts for my children, aged 8,6 and 4. I have looked around, and the main banks are all very similar in terms of interest rates. I am not bothered about that. What I am looking for is a bank that still offers a paying-in book. I would like my children to have a physical reminder of how much they're saving, to see all the fifty pences and pound coins adding up.

They have junior ISAs, for larger amounts of money they receive for Christmas, etc. I am happy with the interest rate I get for their savings. The current account would just be for small amounts of pocket money. I'm not bothered if the interest rate is 0%, the only thing I want for this account is the paying in book. Does that even exist any more?
TIA

[Deleted User]

Do you mean a passbook? Paying in books don't show the balance in an account. Current accounts have never operated with passbooks, which were a feature of savings accounts in the past but are rare today.

grumbler

Current account for pocket money for 4 y.o.?! I don't think that you'll find an account for a so young child.

IIRC, Nationwide offer Smart Account with a passbook for 7+
If it's just a passbook, that you want, see:
Best over the counter book account...
Need an account with a passbook!!
Are there any bank / savings accounts these days that DONT have Internet access?

meer53

I would just use a piggy bank and a notebook.

[Deleted User]

When I was at primary school in the 1960s, we had a school bank. You brought in 2/6 every Friday (or as little as an old thru'penny) and at lunch time it was "banked" at the school office, and your balance entered in a little notebook. When your balance reached £1, a savings certificate from National Savings was bought in the pupil's name. I have a certificate from 1967 for £1 which was due to mature in 1972 at £1 and 5 shillings (or £1.25 by then).. I've never cashed it in. Great way to get junior school kids interested in savings.

Archi_Bald

grumbler wrote: »

Current account for pocket money for 4 y.o.?! I don't think that that you'll find an account for a so young child.

You can - Santander 123 Mini (in trust). But it doesn't meet the other requirement the OP has.

john1002

Also you need to have a 123 account as the parent in trust.


John

pinkdalek

To go back to what the OP has asked for rather than get involved in a petty debate over the age limit for a current account....

It sounds like you a referring to a passbook based account, most high street banks don't offer these nowadays. Your best bet would be to try a smaller building society or even a credit union.

glentoran99

Nationwide do it, have one for each of my kids,

xylophone

http://www.nationwide.co.uk/products/savings/smart/features-and-benefits

You need to open in branch to get the passbook but presumably this would suit the OP's purposes.

thriftyemma

Thank you all for your replies.

Yes, the phrase I was looking for was Passbook! It's been MANY years since I had a children's account :rotfl:

Thank you everyone for your tips. It looks like for the under 7's, I can open an account in trust. The account from Nationwide looks like it does the job, but I will check out the other building societies too. YBS does an in-branch account, but make no mention of a passbook. Will have to ask them.

Thanks again everyone.