Opening a Bank A/C for Younger brother

[kmelvin]

Hi,

I'm thinking of opening an account for my 14 year old brother.

I want to surprise him when he's 18 with the account (and enough to maybe get himself a car).

Is it possible to open an account (with lodgement only access) for someone else?

Thanks

K

 

[susie1]

I think you can only do this in the post office. i tried recently for my neice and was told an account could only be opened by parent/guardian but the p.o may do it.

 

[kmelvin]

Thanks,

Does the post office offer good interest rates compared to the banks?

K

 

[Joe1234]

Thanks,

Does the post office offer good interest rates compared to the banks?

K

I don't think so.

 

[ClubMan]

Thanks,

Does the post office offer good interest rates compared to the banks?

K

See the Financial Best Buys forum for details of deposit rates on offer at the moment. Postbank offer 3.3% gross CAR on demand deposits these days which is quite a bit lower than on offer elsewhere.

 

[kmelvin]

Thanks guys.

 

[RainyDay]

MIght be worth checking with your local credit union.