Kids savings accounts - not worth the hassle
Discussion
That does indeed sound somewhat painful.
Appreciate a risk but have you ever thought of perhaps starting an Investment Trust ISA on their behalf - we started ones for each of our children ( as Trustees ) and then converted them over to their name when they reached 18 with F and C -now Columbia - we paid in a lump sum to kick them off and then paid in additional as and when.
Appreciate a risk but have you ever thought of perhaps starting an Investment Trust ISA on their behalf - we started ones for each of our children ( as Trustees ) and then converted them over to their name when they reached 18 with F and C -now Columbia - we paid in a lump sum to kick them off and then paid in additional as and when.
alscar said:
That does indeed sound somewhat painful.
Appreciate a risk but have you ever thought of perhaps starting an Investment Trust ISA on their behalf - we started ones for each of our children ( as Trustees ) and then converted them over to their name when they reached 18 with F and C -now Columbia - we paid in a lump sum to kick them off and then paid in additional as and when.
I have done similar with Vanguard S&P 500, returns have hammered savings rates but obviously comes with risk.Appreciate a risk but have you ever thought of perhaps starting an Investment Trust ISA on their behalf - we started ones for each of our children ( as Trustees ) and then converted them over to their name when they reached 18 with F and C -now Columbia - we paid in a lump sum to kick them off and then paid in additional as and when.
I've got HSBC for the kids and it was easy enough but could be smoother. Prior to age 11 there is no online access which was a pain. Once the little un turned 11 they sent a card and logon details automatically.
My eldest keeps forgetting her logon and locking the account, we've called HSBC (probably the same Indian call centre) and they were pretty good to be fair, they knew i was sat nearby prompting and assisting, but the child did most of the interaction and got the details reset. I think it does them good to have to go through the pain of call centres, teleprompters and dealing with actual bank stuff.
My eldest keeps forgetting her logon and locking the account, we've called HSBC (probably the same Indian call centre) and they were pretty good to be fair, they knew i was sat nearby prompting and assisting, but the child did most of the interaction and got the details reset. I think it does them good to have to go through the pain of call centres, teleprompters and dealing with actual bank stuff.
Why not just open them a building society account?
I’m pretty sure Yorkshire Building Society will be as good as any high street bank on rates, but infinitely better on support.
They’ll even do stuff face to face, passbook only, or allow internet type management if desired.
Why you’re persevering with HSBC for this is beyond my comprehension.
They don’t do customer service any more. It’ll get worse.
I’m pretty sure Yorkshire Building Society will be as good as any high street bank on rates, but infinitely better on support.
They’ll even do stuff face to face, passbook only, or allow internet type management if desired.
Why you’re persevering with HSBC for this is beyond my comprehension.
They don’t do customer service any more. It’ll get worse.
No skin in the game here other than i just setup my kids online bank account. Had a question, got through to HSBC via the app chat in about 5-10 minutes, but crucially didn't have to wait on a telephone. Am a premier customer for whatever that means these days but i don't think that helped me. It was all via their app.
That said, given the hassle you've had i'd not persevere either, plenty of other banks.
That said, given the hassle you've had i'd not persevere either, plenty of other banks.
Surely a standing order is the way forward here? I didn’t think anyone routinely went into their bank account to transfer a recurring payment each month anymore.
Also, assuming you have a 16 or 18yr horizon, why are you messing about with cash savings accounts rather than investing into shares?
4% sounds great but you only get that on the first £100. It is indeed pitiful but all cash savings accounts have been until the past few months.
Also, assuming you have a 16 or 18yr horizon, why are you messing about with cash savings accounts rather than investing into shares?
4% sounds great but you only get that on the first £100. It is indeed pitiful but all cash savings accounts have been until the past few months.
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