Child bank account

amiiball88

Hello
Looking for advice on the best baby bank account that will see my son through to his 18th or 21st birthday please

eskbanker

It's probably more of a savings/investment question than a bank account one as such, hence threads asking the same question over on that board, such as:

https://forums.moneysavingexpert.com/discussion/6062387/best-saving-isa-for-new-baby

Flobberchops

Do you want to retain control of the money, or are you ok with (or obliged to) have the money in your son's name?


Is it a large one off lump sum or a regular monthly amount you're looking at putting away?


Are you willing to incur some risk to get a potentially higher return?

xylophone

Are you considering savings/investment for the future?

https://www.gov.uk/junior-individual-savings-accounts

https://moneytothemasses.com/quick-savings/parents/best-junior-stocks-and-shares-isa

Do you have (or are you prepared to open) a Santander current account?

https://www.santander.co.uk/personal/current-accounts/123-mini-current-account

amiiball88

Hi it'll be an account that we can access, no lump sum but monthly/regular payments

PRAISETHESUN

https://www.moneysavingexpert.com/savings/child-savings-tax-free/

For that sort of time frame you're probably best looking at some sort of investment product rather than a savings account - there's some good info in the links above.

xylophone

Hi it'll be an account that we can access, no lump sum but monthly/regular payments

Then JISA is not suitable.

If income over £100 per parent per tax year is earned on the capital given by you to your unmarried minor child, you should be aware of the "£100 rule". This rule does not apply to JISA.

This is archived now, (banks and building societies now pay interest gross) but explains the principle well).

https://webarchive.nationalarchives.gov.uk/20121003064215/http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingMoney/PlanningYourPersonalFinances/DG_10013916