Confused about child savings account

mark_cycling00

Hi,
I might be being a bit stupid here. 

I've been given some money for child and want to put it in a fixed term savings account.

I keep being asked to provide details of a current account for the child (aged 1)

I can only find one bank (Santander) who seem to offer this and I have to go to a branch (closed all weekend of course) 

Is this really what I have to do? 

Thanks

mark_cycling00

It's 50 miles to a branch open on Saturday....

[Deleted User]

Hi,

have a look HERE, might help you find something suitable.

xylophone

I've been given some money for child and want to put it in a fixed term savings account.

Fixed for how long?

Fixed rate bonds here (but you would need to check with the provider if you could open it in bare trust for your child).

https://www.thisismoney.co.uk/money/article-1621507/Best-savings-rates-Fixed-rate-accounts.html

Child accounts here

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

Had you considered opening a Junior ISA for your child?  The money could not be accessed until the child reached age 18.

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

Would you wish to consider the stocks and shares option for the long term?

Fidelity and Hargreaves Lansdown might be worth a look.

https://monevator.com/best-global-tracker-funds/

wmb194

What’s the exact phrasing? It’s normally accepted that money might temporarily pass through an adult trustee’s account on its way to and from a child’s account.

mark_cycling00

frugalmacdugal said:

Hi,

have a look HERE, might help you find something suitable.

Thanks but are those "easy access savings" accounts actually current accounts?

The saffron bs gave me the impression that they were not, and that they would not transfer funds to it after the 2yr fixed rate was completed.
Thanks 

mark_cycling00

xylophone said:

I've been given some money for child and want to put it in a fixed term savings account.

Fixed for how long?

Fixed rate bonds here (but you would need to check with the provider if you could open it in bare trust for your child).

https://www.thisismoney.co.uk/money/article-1621507/Best-savings-rates-Fixed-rate-accounts.html

Child accounts here

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

Had you considered opening a Junior ISA for your child?  The money could not be accessed until the child reached age 18.

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

Would you wish to consider the stocks and shares option for the long term?

Fidelity and Hargreaves Lansdown might be worth a look.

https://monevator.com/best-global-tracker-funds/

Thanks I've maxxed out a child ISA for this year.

I'd like to transfer ownership asap into something because granny is asking what we're doing with it

[Deleted User]

Hi,

mark_cycling00 said:

frugalmacdugal said:

Hi,

have a look HERE, might help you find something suitable.

Thanks but are those "easy access savings" accounts actually current accounts?

The saffron bs gave me the impression that they were not, and that they would not transfer funds to it after the 2yr fixed rate was completed.
Thanks 

no, doubt if you'll find a current account for a one year old child.

xylophone

I'd like to transfer ownership asap into something because granny is asking what we're doing with it

You don't need a current account for your child- you need an account that can be held in bare trust for your child - in effect, this will be the case with any of the child accounts covered in my link above.

You would be able to transfer money from the child saver to the JISA in the next tax year if required.

With regard to fixed rate "bonds" as covered in the link, you would need to check with the provider whether you could hold the account in bare trust for your child.

sheramber

Premium Bonds?

Rob5342

You're right, that Saffron Building society one is confusing as it says it has to be linked to a current account in the childs name, but you won't get a current account for a 1 one year old. It sounds odd, have you tried phoning them to clarify?

Alternatively have you looked at this account, the application form doesn't make any mention of a current account. It's very old fashioned as you have to operate it by post, but that probably won't be too much of a problem if you don't withdraw regularly.

https://www.leedsbuildingsociety.co.uk/savings/childrens-savings-accounts/ronnie-the-rhino-youngsaver/