Savings account for a 4 year old?

looobeee

Hi. I have a little boy who I STILL don’t have a bank account for. I have a few cheques given to him over the years which I haven’t cashed as in his name. I keep looking but can’t seem to find the answer to it. I’m with HSBC and they don’t have an account for a child under 7, unlike other banks where you seem to be able to open a savings account if you already have a current account with them. I am saving for him in my own account but aware I’m losing time as he needs his own to build up. Please could someone advise not only on long term savings for kids but should I have an easy access account I can pay birthday money etc into? Thanks!

niktheguru

child accounts often pay higher interest than the normal adult ones. you should be opening one for him asap. 
See here: https://www.moneysavingexpert.com/savings/child-savings-tax-free/
The santander 123 mini would be a good start
or halifax childrens saver.

Steve182

My wife and I are saving for our 6YO son's university or house deposit or whatever we feel will be important in an ISA in one of our names. We are investing it in a stocks and shares ISA because we want the money to grow relative to inflation, rather than go backwards like it almost certainly would in an interest paying savings account.

Hopefully it will double at least a couple of times before we finally give it to him, but who knows!

We feel no need to keep the money in his name as we don't expect to die before we pay him. If we do, he will receive it along with our house in inheritance anyway.

Nurse2047

hi hi my children have the Santander mini account, I also have a cash and s&s Junior ISA for them each however they get this when 18. The Santander is easy access and 3% interest if £1500-£2000. Hope this helps. If you search the savings section they have a list of children’s accounts to compare. 

You could also buy children’s premium bonds - I pay in £25 each child per month via direct debit. 

https://www.nsandi.com/saving-for-children

Westlondoner99

I believe banks expect cheques to be cashed within 6 months, so it is not a good idea to keep them for years.

looobeee

niktheguru said:

child accounts often pay higher interest than the normal adult ones. you should be opening one for him asap. 
See here: https://www.moneysavingexpert.com/savings/child-savings-tax-free/
The santander 123 mini would be a good start
or halifax childrens saver.

Thank you. Just looked up Santander 123 and I would have to open it for him and hold a current account with them so no good for us unfortunately ☹️

looobeee

MFW2026 said:

hi hi my children have the Santander mini account, I also have a cash and s&s Junior ISA for them each however they get this when 18. The Santander is easy access and 3% interest if £1500-£2000. Hope this helps. If you search the savings section they have a list of children’s accounts to compare. 

You could also buy children’s premium bonds - I pay in £25 each child per month via direct debit. 

https://www.nsandi.com/saving-for-children

Thank you. Will look up the rest but I need to have a current account with Santander to open a mini account for him. Do you have one?

xylophone

I have a few cheques given to him over the years which I haven’t cashed as in his name.

Paying them in may be a problem.

https://www.chequeandcredit.co.uk/information-hub/faqs/cheques-and-cheque-clearing#:~:text=In other words, cheques don,has been lost or stolen.

A cheque is valid for as long as the debt between the two parties (i.e. the person writing the cheque and the person they give it to) exists. In other words, cheques don’t have an expiry date. However, it is common banking practice to reject cheques that are over six months old to protect the person who has written the cheque, in case the payment has been made another way or the cheque has been lost or stolen. This six-month timeframe is at the discretion of individual banks. It should not be assumed that cheques older than six months would automatically be rejected as the only definite way to cancel a cheque is for the person who wrote it to request that a stop be placed on it. If you have a cheque that you want to pay in that is more than six months old, your best course of action is to not pay it in and instead obtain a replacement from the person who gave it to you. Where there is a dispute, a cheque remains legally valid in order to provide proof of the existence of a debt for a period of six years, which is the Statute of Limitations.

Had you considered a Junior ISA?

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

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