Anyone Know Where to Open a Kid's Bank Account - HotUKDeals
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Anyone Know Where to Open a Kid's Bank Account

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My 9 year old son seems to be getting less than 0.5% with HSBC. Any ideas where he might get a better rate? R Read More
Dickster1 Avatar
8y, 1d agoPosted 8 years, 1 day ago
My 9 year old son seems to be getting less than 0.5% with HSBC.

Any ideas where he might get a better rate?

R
Dickster1 Avatar
8y, 1d agoPosted 8 years, 1 day ago
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Comments/page:
#1
atm its probably safer getting premium bond lol
#2
Halifax, think it was 6 or 8% but you need save each mth,the amount maximum each mth is £100.It's childrens guranteed saver.
#3
http://www.myeggnest.com/Info/Children-Savings-Account.aspx

is a good starting point to compare and advice
#4
Only couple of tips - make sure bank, where ever you go are not deducting tax on the interest
And second, if more than £100 interest earned a year be careful as you may pay some tax yourself (if you pay higher rate tax)
But definitely get a better rate than that!
#5
I'm with HSBC too so I better check my 2 year olds.

Just in the process of moving my ISA from HSBC as they are giving me less than 1% on that and natwest will do 3.5%ish and it accepts transfers so I can move my old ones over too.

HSBC seem to be way down the pecking order at the mo for any decent deals on any products unless you pay for the £7.99 a month premium accout thingy.
#6
casparwhite
http://www.myeggnest.com/Info/Children-Savings-Account.aspx

is a good starting point to compare and advice


Thanks for this although the interest rates on the site are about 6% above what they really are!

The crux of the matter is that the kids get a shoddy deal.

Does anyone know if we can open a normnal account, with ICICI or another high interest payer, in my son's name and get the tax back?

Thanks

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