Is there any bank account (saving account) open with kid age 7 as first account holder?

tracyyi

I am wondering is there any bank account that I as a parent can open for my kid who is age 7 now, where my kid is the first account holder?

pridehappy

HSBC MySavings should work, although service isn’t great. When your child turns 8, I’d recommend Skipton Building Society. Hope this helps!

xylophone

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

tracyyi

Thank you.
One quick question: Does HSBC MySavings allow to close the account and withdraw all the money?
Or have to wait the kids to certain age only allow to withdraw?

Band7

Lots and lots of fixed term accounts, and also some easy access ones: https://moneyfacts.co.uk/savings-accounts/childrens-savings-accounts/?id=null&business-type=16&activity-type=null&investment-amount=1000&investment-type=1&account-types=32&interest-paid-frequencies=null&terms=null&account-opening-methods=null&account-management-methods=null&notice-periods=null&include-notice-period=true&include-term=true&age=6&has-withdrawal-restrictions=2&existing-customers-only=2&is-shariaa=2&joint-account-only=2&quick-links-first=false

tracyyi

Band7 said:

Lots and lots of fixed term accounts, and also some easy access on

sorry, not looking for fixed term

Band7

tracyyi said:

Band7 said:

Lots and lots of fixed term accounts, and also some easy access on

sorry, not looking for fixed term

as I said, some easy access in that list, too. I gave you both as you had not specified what you were after.

It's dead easy to modify the Moneyfacts filter to just show instant access ones. Though I don't know whether it is instant access you are after. You could want Regular Savers or Notice accounts or JISAs, who knows.

In the meantime, here's the list with instant access ones. You can search Moneyfacts for different accounts if this is not what you are looking for.

https://moneyfacts.co.uk/savings-accounts/childrens-savings-accounts/?id=null&business-type=16&activity-type=null&investment-amount=1000&investment-type=1&account-types=32&interest-paid-frequencies=null&terms=null&account-opening-methods=null&account-management-methods=null&notice-periods=null&include-notice-period=true&include-term=false&age=6&has-withdrawal-restrictions=2&existing-customers-only=2&is-shariaa=2&joint-account-only=2&quick-links-first=false

Marchitiello

NatWest /RBS first Saver used to be 7+ and in the name of the child only. I have recently opened one one for my 6 yo (no age requirement anymore on the website) and the account appears with my other accounts in my online banking (the same accounts opened when my other two kids were already 7 never appeared in my online banking). The child can go with an adult in branch and withdraw money directly which helps teaching them about the banking system (before they used to think you just got money from the ATM, unlimited …) 

pridehappy

tracyyi said:

Thank you.
One quick question: Does HSBC MySavings allow to close the account and withdraw all the money?
Or have to wait the kids to certain age only allow to withdraw?

Yep, you can also transfer money out or in at anytime without closing the account. Once your child becomes 11+, they have a current account and internet banking too if they want it, but I’d look to switch to better alternatives by then.