Childrens savings account

Storkeyj

Hi,

So we have been putting money into a savings account with HSBC which currently pays 0.75% however not sure we are getting the best rates.
We only put money into the account and dont make withdrawals from the account.
Dont really need instant access but would be handy to be able to add money online rather than in a branch.
Ideally be able to keep an eye on the account online.

Can anyone give any advise for our best options to get the most out of the savings? Pay around £50-£100 in each month. He is 3 in February.

Thanks in advance!

george4064

A quick search for 'Children' in thread titles gives you plenty of previous threads where other posters have asked the same question. Probably best for you to have a good read through some of those threads and come back here with any specific questions you may have.

Click this link to view the search results: https://forums.moneysavingexpert.com/search.php?searchid=194155793

Lots of information on childrens saving here: https://www.moneysavingexpert.com/savings/child-savings-tax-free/

cloud_dog

Storkeyj wrote: »

Hi,

So we have been putting money into a savings account with HSBC which currently pays 0.75% however not sure we are getting the best rates.
We only put money into the account and dont make withdrawals from the account.
Dont really need instant access but would be handy to be able to add money online rather than in a branch.
Ideally be able to keep an eye on the account online.

Can anyone give any advise for our best options to get the most out of the savings? Pay around £50-£100 in each month. He is 3 in February.

Thanks in advance!

Is this your child or grandchild?

Are you able to do exactly the same for another child?

xylophone

Had you considered a JISA?

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

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

jaybeetoo

I don’t know how old your child is but HSBC pay 3% on the MySavings account for children.

If your child won’t need access to the money for many, many years (e.g. until they are 18), then consider investing instead.

colsten

jaybeetoo wrote: »

i don’t know how old your child is

storkeyj wrote: »

he is 3 in february.

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jimjames

I'd echo the investing option if you're looking at a 15 year timeframe. JISA means they get access to the money at 18 but there are other ways to do it that you control.