Child bank account?
So we've still not got round to setting up a baby/child savings/ bank account of any description n I just wondered what kinda accounts y'all had and would recommend?
With them turning one now I really want to get this sorted. Are ISAs the only way to go? 😅
The views expressed in community are solely the opinions of participants, and do not reflect those of Peanut.
Learn more about our guidelines.
Commenting to see responses because I’m in the same position.
We've gone for premium bonds. Tax free and very straightforward for grandparents to add to as well. They are in baby's name but they can't access them until they are older.
😒same
We have first saver accounts for both of our girls. I’m with NatWest and this is what they recommended when I went into store
We’ve got a JISA for both our kids. The reason we went with this option is that it’s an investment for their future and for when they turn 18. As you can’t take out of it until they turn 18 and only they can withdraw. I feel if we didn’t have this, there would be the option for us to remove if they needed big things etc or as they get older they’d ask for the money for toys etc etc. this totally eliminates that. I also see this as us saving to help them better themselves as a young adult so they could get a car, house deposit or something that’s going to make a difference in their lives. Absolutely their money but growing up they’ll be taught the value of it and it’ll be discussed that this isn’t just to be wasted on rubbish x
We have a stocks and shares ISA which we invest in monthly for them both x
Halifax regular saver - pay max £100pcn and they will give you 5.5% interest.
Yorkshire and or Leeds building societies have 3.75 and 3.25% interest with no min or max amounts.
Download the Peanut App
