Childrens Savings

R

regvw

Registered User
Messages
161
Hi All,
I have decided its time to open some small savings account to put a few pound away each month for my children. Nothing major just a few pound if I can spare to use again when they start school and the like.

Cold anyone reccomend a suitable account that might pay some interest, what about an post ??

Thanks
Reg
 
Hey Reg,

(1) If you are happy for the account to be in your name, then just read the 3 best buy threads.

(2) If you want the account in your kids name. Then here are some options ...



 
Are there any options to maybe put some money in an account that is not able to be accessed until the child turns 18, or 21? Something similar to a Child Trust Fund that they have in the UK. Either a lump sum, or something that you maye contriute to annually / monthly. It would be in their name.
 
i just set some up today with NIB -they pay 3% on demand

its a bit tedious setting it up (coz of all the forms to be filled out), but it covered my main issues

1- no fees
2- can transfer money online to them
3- in childrens names (so if there are any issues with deposit protection then they have 100k of cover themselves)



Conshine -in relation to your q on nt being able to access the cash, you could just not tell the child until they hit 18/21? or maybe lock it into a 10 year fixed term when they hit 11

personally i wouldnt lock it away...u never know when its gonna be needed
 
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