New Bank A.c & Budgeting

thegirlinthegreenscarf

Hi


I am new and I have lots of questions. Hope thats ok


1) I need to open a new bank account for my 5yo, Any suggestions?
2) I am also going to open a new bank a./c for budgeting annual expenses. Again, any suggestions? Currently with RBS
3) How much do you budget for xmas?


Thanks!

eskbanker

thegirlinthegreenscarf wrote: »

1) I need to open a new bank account for my 5yo, Any suggestions?

It would be quite unusual for a 5yo to need a bank account, but if you're looking for a savings account to build up until they're approaching adulthood then try a junior ISA, see http://www.moneysavingexpert.com/savings/junior-isa

thegirlinthegreenscarf wrote: »

2) I am also going to open a new bank a./c for budgeting annual expenses. Again, any suggestions? Currently with RBS

See http://www.moneysavingexpert.com/banking/compare-best-bank-accounts

thegirlinthegreenscarf wrote: »

3) How much do you budget for xmas?

Unfortunately that's a 'how long is a piece of string?' question - some spend hardly anything, others spend thousands. My advice would be not to get too caught up in buying stuff that you really can't afford or feeling that you need to compete in some way.

thegirlinthegreenscarf

You're quite right. I used to spend a lot on Christmas & divide the cost by 12 to save up every month. Now maybe I should work out what I can afford to put away each month, multiply it by 12 (or 8 since there are 8 paydays until Christmas) and stick to that?

Sometimes being an adult is rubbish..... but it's the right way to do it, isnt it?

Marchitiello

RBS is probably the only bank that offer full accessible saving accounts from 7yo, but from 5 you may only do Child ISA or Children Bonds