Child's bank account

[James_33]

I'm looking for some advice on setting up bank accounts for my 3 daughters, now I'm not going to sit here and pretend to you all that this is something i am fully clued up on because well..... I'm not but i do want to try and get the best account i can for them that will help them have an incentive to want to save for a little later on down the line as well as make interest for them too and whatever they save.

As it stands they only have a few hundred pounds each but this will gradually increase over time as family are looking to include them into wills as well as them earning their own money whether that's through pocket money or other means.

Any help in the right direction would be appreciated 👍

[chip*]

Been exploring this myself, but I have decided to just go with whatever Bank is left / has a presence at my local High Street. Not too worried with getting the best interest rate as it's only their pocket money (rest is invested in their JISA). Idea is to introduce them to finance / saving mentality where they can simply walk in to deposit their birthday money or withdraw for holiday trips/ toy shopping etc.. No idea if this will be effective, but I will let you know in 11 years time

[RammyMP]

My two have Nationwide account, can’t complain about them at all. The reason for Nationwide was they had (and still do have) a local branch and I had to open their accounts face to face.

[scot_aln]

We initially went with metro bank as they opened at weekends and so our daughter could physically pay money in. When they stopped weekend opening we moved to an account in the same bank we use. It now means we can see and transfer online. If my daughter wants to add money she can see that happen in the app and equally if she wants to spend she can see that withdrawn. Can't recall when they get their own debiy card as that varies between providers.

[superpp]

when I started taking more of an interest in all things finance, I quickly became aware that most banks/building societies take the micky with interest rates.
you have to check each and every year who has the best rates and keep moving accordingly.
start here:
https://www.moneysavingexpert.com/savings/child-sa...

[Zigster]

Second vote for Nationwide for a child’s account.

I think they are a bit behind technologically but their Flex One did the job for our children. They have debit cards, added to Apple Pay, can manage the account online. There is also a branch on the High Street near us, although we never go in (now that grandparents and great aunts/uncles have been persuaded that that £20 for Christmas is better as a direct transfer than as a crisp note tucked inside the Christmas card).

No idea about interest but it would be pretty trivial unless you’re talking about big sums of money. In which case, why isn’t it in their CTF or JISA?

[the-norseman]

Our 2.5 year old has a Metro account, I only have a Metro account these days as their location in MK has free parking. My normal bank Barclays you have to pay for parking.

I did use Metro abroad for free but I also have Monzo now.

[Craikeybaby]

My lads have a Nationwide account each, for longer term savings and my oldest has a "Hyperjar" account, which gives him a contactless card which he can use for purchases. That is where any pocket money goes. We willl set up the same for our youngest when he turns 6, which is the minimum age.

Edited by Craikeybaby on Saturday 15th February 22:23

[silentbrown]

Ages? Our daughter has had a TSB account since she was 12.

Apple Pay, etc. available from 13.

[mcdjl]

I found the Halifax was the only one that I could open from birth. Nationwide is only good from 10/13 I think. Both had good rates though.