Best saving accounts for kids?

Curlylady

Hi,

I am looking for some options for some accounts for my 15 & 12 year olds.

They both have savings account with the Coop bank, my daughter has an additional goverment fund from when she was born, accessible when she turns 18,

Sadly my mum passed away 2015 and I want to put some of the money she left away for the children, teens but am wanting a good place for it to grow for their futures.

Ideally a good savings account, better than the existing one & additionally a current account where they can access money for their own purchases.

Any good advice?

Thanks in advance.

xylophone

my daughter has an additional goverment fund from when she was born, accessible when she turns 18,

You mean that your daughter has a Child Trust Fund and received a voucher from the government towards it?

There have been no additional contributions?

It would be possible to make the full "CTF year" contribution, transfer to JISA and then make the full "JISA year" contribution - see

https://www.skintedmintedmum.co.uk/minted-blog/how-to-transfer-a-child-trust-fund-ctf-to-jisa-with-a-double-scoop-of-tax-allowance.html

The best cash JISA rate is currently offered by the Coventry BS.

https://www.coventrybuildingsociety.co.uk/consumer/product/savings/children/junior-cash-isa.html

https://www.gov.uk/child-trust-funds

A JISA could be opened for your son.

Other accounts


http://www.thisismoney.co.uk/money/saving/article-1583863/Best-savings-rates-Junior-Isas-children-s-accounts.html

http://www.which.co.uk/money/banking/bank-accounts/guides/best-childrens-bank-accounts