bank account for kids?

circular

hi folks

i'm looking for a recommendation re a bank account for children.
my father-in-law has gifted my 1 year old daughter £300 to open a bank account with.
any suggestions welcome.

ty

martinman3

I assume that you have already received a Child Trust Fund voucher and that you want to put this money elsewhere.

If you look at childs accounts at www.moneyfacts.co.uk it will tell you the highest paying accounts. The One Day account from Yorkshire BS was very good until the latest rate cut, now 5.65%, and now it seems that the Chelsea BS Ready Steady Save just beats it at 5.70%. Mind you, with £300 the difference is not worth worrying about. You should also consider the Yorkshire BS Treasure Bond which is fixed for 1 year and if taken out in April will be 6.00% and a good bet if you believe that interest rates will fall. All can be opened by cheque or post.

Whichever you choose make sure that you fill in a R85 to receive interest gross if your child has no income.

gabyjane

I use natwest for my dd and they are really efficient and the account was opened up in minutes. I transfer money each month and her grandads money goes in too that he sends!