Baby bank account

ChrisnJo

Hi, I’m wondering if anyone can recommend the best bank account for our newborn son who has been gifted a cheque to the value of £1000. Having looked at some of the accounts recommended on MSE, these are for older children or the parent is required to have an existing account with said bank. We will likely set up a regular savings account or ISA for him when we have a bit more time to research it. Currently we’re just looking for a child’s account, the more interest the better. 

Malkytheheed

I would aproach your own bank in the first instance (for ease). They all offer "similar" products for children so might be the easiest option at this stage. If you start getting into serious money then take a closer look at it. - Don't sweat the small stuff, chase the big wins. 

wmb194

ChrisnJo said:

Hi, I’m wondering if anyone can recommend the best bank account for our newborn son who has been gifted a cheque to the value of £1000. Having looked at some of the accounts recommended on MSE, these are for older children or the parent is required to have an existing account with said bank. We will likely set up a regular savings account or ISA for him when we have a bit more time to research it. Currently we’re just looking for a child’s account, the more interest the better. 

I'd recommend Barclays. It currently has a very competitive children's instant access account paying 1.5% and a children's £100pm regular saver paying 3.5%. It doesn't require the trustee to have an account with it but if they do these accounts will be integrated into their internet banking. The terms just state that the child needs to be under 18 and the trustee be resident in the UK for tax purposes. In order to make things easier and given it usually takes next to no effort to open a current account with Barclays I'd just do it anyway.

colsten

There is a list of children's savings accounts on https://moneyfacts.co.uk/savings-accounts/childrens-savings-accounts/#

Whether they accept cheques, I do not know.

xylophone

Why not just open a JISA with Coventry BS - this currently pays 2.95%.
https://www.coventrybuildingsociety.co.uk/consumer/product/savings/children/junior-cash-isa.html

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