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Best savings account for a baby / young child!?

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Richt
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Best savings account for a baby / young child!?

Post by Richt »

Question is in the title really. Anyone know which is the best high street bank or building society at the moment to open an account for a child?

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Moist von Lipwig
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Re: Best savings account for a baby / young child!?

Post by Moist von Lipwig »

Halifax children's regular saver.

http://www.moneysavingexpert.com/saving ... s-tax-free" onclick="window.open(this.href);return false;

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murf
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Re: Best savings account for a baby / young child!?

Post by murf »

Top tip: when opening the savings account, don't tell the bank you got the money for your child, say you sold something else instead like a car.

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WilBert
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Re: Best savings account for a baby / young child!?

Post by WilBert »

My advice would be to go and invest here http://www.stopthinkingaboutmoney.meaningless/ffs.com :wink:

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Re: Best savings account for a baby / young child!?

Post by bspittles »

Richt wrote:Question is in the title really. Anyone know which is the best high street bank or building society at the moment to open an account for a child?
We got a Nationwide child ISA for Ruby, which allows relatives to put any spare cash in ;-) It can't be touched until she's 18, which was the main selling point for us.

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Bunners
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Re: Best savings account for a baby / young child!?

Post by Bunners »

Moist von Lipwig wrote:Halifax children's regular saver.

http://www.moneysavingexpert.com/saving ... s-tax-free" onclick="window.open(this.href);return false;
This is what we have for our 7 month old...who is slowly starting to have more money in the bank than me...... 8-)

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jimmy ching
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Re: Best savings account for a baby / young child!?

Post by jimmy ching »

A piggy bank allows you to teach your children the concept of having to control their own money.
This leads to the concept of how money works.
After 18 years they have to face the reality of inflation. Suspicion of family theft starts to rear it's ugly head. At this point you can introduce the underlying manipulation we all suffer from the Banks. The underhand tactics of the monetary system can be explained quite clearly with your empty piggy bank.
'But Dad, you've still got money'
'Yes son, I print it out of nothing'
'You can't do that, that's counterfeiting'
'Sit down son, this is going to take some explaining'
'Oh Dad, don't start now, I want to go out for a drink with my mates'
'I'll tell you what son, watch this over the weekend on the net and tell me what you think'

https://www.youtube.com/watch?v=5IJeemTQ7Vk" onclick="window.open(this.href);return false;

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Re: Best savings account for a baby / young child!?

Post by Moist von Lipwig »

jimmy ching wrote:A piggy bank allows you to teach your children the concept of having to control their own money.
At about 3 days old, thats going to be a struggle even for the most advanced children.........

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Re: Best savings account for a baby / young child!?

Post by jimmy ching »

Precisely, what is the point of opening up an account for them?

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Re: Best savings account for a baby / young child!?

Post by Moist von Lipwig »

jimmy ching wrote:Precisely, what is the point of opening up an account for them?

:roll:

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Re: Best savings account for a baby / young child!?

Post by bspittles »

jimmy ching wrote:Precisely, what is the point of opening up an account for them?
It's a tax-efficient way of saving, plus children's accounts tend to pay better interest.

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Re: Best savings account for a baby / young child!?

Post by jimmy ching »

bspittles wrote:
jimmy ching wrote:Precisely, what is the point of opening up an account for them?
It's a tax-efficient way of saving, plus children's accounts tend to pay better interest.
Fair enough. It's also good for the bank in long term fractional lending.

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Re: Best savings account for a baby / young child!?

Post by Richt »

My parents opened an account for me when I was born and only gave me access to it when I was 17 enabling me to buy my first car. It was set up and filled with money received for christmas and birthday presents. (and a lump sum from an assurance policy).

I like one of the above ideas regarding opening an account with NO access to it until Casper is 18 years old. I shall be looking into one of those.

(but Wilbert also has a point) :lol:

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Re: Best savings account for a baby / young child!?

Post by bluenosey »

jimmy ching wrote:
bspittles wrote:
jimmy ching wrote:Precisely, what is the point of opening up an account for them?
It's a tax-efficient way of saving, plus children's accounts tend to pay better interest.
Fair enough. It's also good for the bank in long term fractional lending.
Bloody hell Jimmy are you that cynical ? Sheez.

All Rich is trying to do is open a savings account for his child. Most well meaning parents do.

How about, Rich, investing so much in a managed fund ISA, say, one which may follow the FTSE ?

There is potentially much more growth to be made over, say, an 18 year period. Just putting that out there :)

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Re: Best savings account for a baby / young child!?

Post by Richt »

BN

Is it possible to get one of those FTSE tracking ISA, locked in to an 18 year term from a high street bank/building society?

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bluenosey
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Re: Best savings account for a baby / young child!?

Post by bluenosey »

Richt wrote:BN

Is it possible to get one of those FTSE tracking ISA, locked in to an 18 year term from a high street bank/building society?
I'm not sure if you would lock into an investment something for 18 years but possibly just let the investment run until you want to cash in ? You may be best just asking your local bank or b/soc if they have such a product. Or of they can point you in the right direction. There's plenty of stuff to Google showing how the FTSE outperforms bank accounts over long periods of time, especially when the return on savings accounts is so measly it's more or less being cancelled out by inflation :?

The downside with the FTSE is it will wobble from time to time and you have to ride the storm, rather than cash in as soon as the investment drops in value.

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Re: Best savings account for a baby / young child!?

Post by Richt »

thank you young man

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Re: Best savings account for a baby / young child!?

Post by Knulpuk »

Given the length of time we just opened some Hargreaves Landsdown accounts and set up a monthly DD to put some cash into some Funds - mainly long term high-ish risk. After a year or so we normally move to a different fund just to diversify a bit. Savings accounts are next to worthless at the moment though you can also buy Children Premium Bonds. If rates go up may change things around a bit.

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