Savings account

Hello - I meant to set up a savings account for my baby when she was born but never got round to it 🙈 what type of savings account have you opened? I’ve googled it and gotten a bit confused. If you’re little one gets birthday money do you put it in the savings account too or do they have a separate account for that? Thanks!

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I've opened a digital regular saver which pays 6% interest i put her child benefit into that and we opened her a first savers account for the bigger chunk of money we got gifted when she was born etc that pays 3% interest. I'd say if you have a good amount of money you can fix it for a year or two in an account that would pay 5 or 6% interest. For reference I bank with NatWest

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We opened an NS&I junior ISA and also an instant access savings. We put bigger chunks of money into the ISA, and try and save smaller amounts in the instant access when we can. So if we want to take her somewhere nice or do something for her but don’t have money available we use the instant access. In March just before end of the tax year whatever is left in the instant access goes over to the isa.

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Tesco Junior Isa, can view it via the app and put money in easily x

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We also have the halifax junior cash isa the rates where the best on these when we first opened it haven’t looked since to be honest but we do a very small direct debit each month and any money for birthdays and Xmas goes into the account 😌 x

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Ww set up a credit union account x

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