Childrens Easy Access Savings

Lisa46 · 29 January 2020 at 10:45AM

Hi! Some advice please! We are currently saving (not regularly, birthdays and Christmas, mainly) for our 3 grandchildren with the Nottm Building Society. We are looking to change but need an account that doesn't automatically convert to an account in their name at 16. Any advice, please? Thanks in advance

eskbanker · 29 January 2020 at 12:37PM

You need to decide whether to keep the money in your names or to put it into theirs.

If in your names, then you can retain control over when they have access, but the money legally remains yours until then, so you may be taxed on it, and it would be considered yours in any assessment of assets for benefits, care costs, or whatever. It would need to be in adult accounts obviously.

On the other hand, if you put it into their names then children's savings accounts are an option, but they'll have access, at 16 or 18.

xylophone · 29 January 2020 at 5:55PM

https://www.harpendenbs.co.uk/savings/personal-savings-accounts/18-club/ might do.

Alexland · 29 January 2020 at 8:55PM

xylophone wrote: »

https://www.harpendenbs.co.uk/savings/personal-savings-accounts/18-club/ might do.

Are you sure this seems to be a variable interest rate account for which withdrawals or transfers are not permitted until the child becomes 18 years old? So if the interest rate drops are you stuffed? Didn't the OP want easy access?

xylophone · 29 January 2020 at 9:30PM

Didn't the OP want easy access?

You are right - I was concentrating on the age 18 requirement.

Although I am not sure why easy access is required since it appears that the grandparents wish to save rather than access the cash.

There is this account which can be held by adults for the child up to age 18.

https://www.bathbuildingsociety.co.uk/savings/personal-savings-and-investments/supersaver

Or this

https://www.kentreliance.co.uk/savings-accounts/childrens-savings-account

Other accounts here

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

but the OP would need to check T&Cs.

Childrens Easy Access Savings

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