Kiddies Bank Account

High-Lo

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Need to set up a bank account for my newborn daughter. Any recommendations as to which Bank to go with? Also is there a minimum age before an account can be open?

Thanks in advance,
Steve
 

wallingd

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Many congratulations Steve. As for the account, "it's over to them" ----------> ;).
 

kikkthecat

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Congratulations.

You should be getting a cheque for at least £250 from the government shortly and this has to be placed in a Child Trust Fund. Basically this is a tax free savings account that can be added to by family members (Max £1200 Per Year) The government did say there would be a bonus added at 7 years but didn't say how much.
It cannot be accessed until she reaches 18 Years old.

But up to that point however, she flexes your credit card :D :D

Look here CTF Providers try find who pays the most interest
 

WLeg

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HSBC have system where you can "over-pay" in some years for their CTF accounts, reasonable interest as well.
 

scottishc280

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Child saving fund

Only problem I have with the childs savings account is that the child has full control of it when they reach 18. This means they can spend it on what they want....motor bike....drink....drugs. I think there is a further payment to be made by the government when the child is 5 (not sure the exact age).

The amount given by the government can be anything from 250 -500 dependant on your income (tax credit).

I will put some funds in the account but have opened a seperate account in our name but the funds are for him, these funds we can control what they are used for.

You can open an account in the childs name and until they are 7 (it maybe 5 I'm not sure) the parent or parents are the signatories on it, but after the age limit is reached the child has full control.
 

SportsCoupeRich

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dont have children but have been a kid!

I think it is important a child has access to his or hers own money as an adolescent. I had a charge card well before i was 18 and contrary to popular belief (fathers) i did not go around dropping money down the drain. It is up to the parent to teach the value of money and principles of saving to their child. Then - when they do get access you can watch them become more responsible and make their own mistakes of not in regards to budgeting.....better than controlling all the strings! only my opinion....
 

andy_k

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we've hopefully instilled the value of common sense spending in our kids who are both under 10, if they want something they know they have to save for it.

We use a building society account for them - Alliance and Leicester as they have a local branch and make the kids feel really special whenever they go in to the branch. They have full access to their accounts although we have to sign the withdrawal forms and know they have to put money inthere before they can draw it out :)

Andy
 

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