Children's Bank Accounts

[Tom8]

Hi,

I am looking to set up a bank account for my daughter who turns 7 next week. When we looked at this when she was born it seemed to be a surprisingly tricky process mostly it seemed due to money laundering controls which makes sense.

Any advice as to where to go, what account is good? It would just be to receive presents, put her piggy bank money into and maybe a card so she can withdraw money like a grown up!

Thanks

[Aiminghigh123]

Tom8 said:

Hi,

I am looking to set up a bank account for my daughter who turns 7 next week. When we looked at this when she was born it seemed to be a surprisingly tricky process mostly it seemed due to money laundering controls which makes sense.

Any advice as to where to go, what account is good? It would just be to receive presents, put her piggy bank money into and maybe a card so she can withdraw money like a grown up!

Thanks

In the UK?

UK it’s very easy. I have Halifax account for my eldest. For youngest and eldest got H&L Child ISA set up before they were 1. Try and pump in as much cash as possible to the ISA to give them a head start. Think all I needed to show was passport and birth certificate.

[Tom8]

Aiminghigh123 said:

In the UK?

UK it’s very easy. I have Halifax account for my eldest. For youngest and eldest got H&L Child ISA set up before they were 1. Try and pump in as much cash as possible to the ISA to give them a head start. Think all I needed to show was passport and birth certificate.

Interesting thanks. Assume that is lock it in and leave it there? Be interesting to see what happens to general savings and current account interest rates.

[Aiminghigh123]

Tom8 said:

Aiminghigh123 said:

In the UK?

UK it’s very easy. I have Halifax account for my eldest. For youngest and eldest got H&L Child ISA set up before they were 1. Try and pump in as much cash as possible to the ISA to give them a head start. Think all I needed to show was passport and birth certificate.

Interesting thanks. Assume that is lock it in and leave it there? Be interesting to see what happens to general savings and current account interest rates.

That’s the plan with my kids ISA. We can put in £9k a year. Once he gets to 18 he gets access to it. I see it as a way to help them out, make some interest, keep tax man away and make me save as well. Bit harder with everything going on at present but try out best.