Baby savings account
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I read that Santander are the best for children’s savings accounts but you have to have an account with them. Xx
The money that you invest? Nope. What you have is what you have and you can draw it out within 24 hours if needed! Basically, the government ‘borrow’ it and invest it elsewhere then the money the make in interest is the money that pays for the ‘wins’ same principle as the bank really! But the minimum you win is £25 which is a lot better than some savings accounts!
@Kayleigh is there a chance that it could go up and down? Sounds like a stupid question but I can’t explain it any better lmao
Personally we decided against a savers account for a main saving account if that makes sense. Instead we put our older daughter’s money into premium bonds - then any winnings we either reinvest or put into her Chase account. That has an interest rate if 4.1% I think. She’s earned so much more money this way than a savings account! We’ll do the same for this babes. I guess it depends how much money you’re going to be putting away - the more you put into premium bonds the more chance you have of winning!
Following as I know nothing about children’s savings accounts
Junior isa x
Natwest first saver
I guess it depends what kind of account you’re after, there’s plenty of options out there. One you can access all the time, a couple times a year, not at all until 18yo etc… We have a children’s ISA with Lloyds for my 1yo and we intend on doing the same for this baby too. No money can be drawn out until they are 18yo.