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My son has a children’s savings account with Barclays, there’s been times when I’ve been able to put quite a bit in there for him and others when it’s been a lot less but every month something goes in it and he’s got a nice amount in there now. I can access the money whenever I want either to put it in or take out (which I’ve never done) but it was nice to know that the option was there if I’d put too much in that I needed for bills ect. When he reaches 16 I think it has to go in his name but I’m not entirely sure on that x
@Jess want bank did you go with? Also, if I do open something, do I still have to notify uc even if it is in my child's name?
We went with Halifax as it was the best interest rate at the time. I may move the money in the future but I’ve not decided yet. I never notified them because as far as I’m aware it wouldn’t show up as a bank account in my name or anything and it’s not like it’s money for me or my partner to spend so can’t be counted as income or anything
We are with Shepherds friendly for both of our kids savings accounts. They can't access until they're 18. Noone else can touch the money but them. I can put money in every month but I can never take it out
We use the children's savings account from Yorkshire Building Society.. I'm a trustee of the account and my daughter can only access her money once she turns 21. We put £1 in per day plus all of her birthday and Christmas money.. we'll be doing the same for our second as well.
I have a junior ISA (JISA) for both my kids. It’s locked away until they’re 18 and only they can access it. I can put money in but not take anything out. It’s £9k a year limit and wouldn’t be counted as my savings as it’s in their name and not my money. We haven’t actually put any money in there ourselves as of yet. We’ve put our daughter’s birthday & Christmas money in there and any money we got for her when she was born. She genuinely has more money that us 😂 our son is only 3 months old but we’ll do the same with his money. When they get old enough to want to spend their money themselves then we’ll rethink that but for now they don’t need to use that money as they get everything the need bought anyways. We’ll also start putting money in once they’re a bit older and we’re not paying for childcare etc x
I’m on uc and have savings accounts for both my girls. As far as I’m aware it’s allowed as it’s technically in their name even though you’re a trustee until they’re old enough. I just looked into what accounts were best for interest rates etc