Children's Bank Account / Savings - Opening for niece/nephews

NoodleDoodleMan

Only parents or legal guardians can open Junior ISAs - so obviously your niece's and nephews' Mum and Dad would need to be agreeable.

Not ever parent would want their childrens' funds ring fenced until the age of 18 - neither would the kids I suspect !!!

darren72

Thanks once again for the replies.

I think we are going to go down the route of transferring the CTF to JISA's and have a separate account (such as the Santander Mini 123) for saving up for items they are wanting (which they can access before being 18).

I assume with the Santander Mini account you can deposit cash in at a post office (like their normal accounts) ? - As they are likely to be getting birthday/Christmas money in cash.

NoodleDoodleMan

From the Mini 123 webpage.

Post Office

Use Post Office branches to make cash withdrawals, balance enquiries, cash deposits and cheque deposits

I have the grandkids Mini 123s (in Trust) on my Santander online banking, not sure if I'll be permitted to retain the accounts there once they reach 11.

Remember they get no interest over the £2000 ceiling, so any amount above that is best put to another interest bearing account.