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Co-Op Bank Kids Bonus Account: Deposit £50 to get £134 over 18 years plus extras (around 5.5% interest / 20% if the kids are already 13)
Got this for my Children when they were born - if you have £50 in, it gives the following each year (note that I never intend to put more than this is):
• up to 12 - £2 per year
• 13 - 18 - £10 per year
In addition to this, you get:
• Money Box (on opening the account)
• Pencil Case, including a notebook, pencil and ruler (at age 7, when children can start using their money)
• Calculator (at age 11)
Note that the idea of this account is to teach them about money, NOT for you to start a savings account for WHEN they turn 18!
I thought it was quite a nice idea.
Think family (Grandparents etc) can open it for the kids too.
Can't remember where I first heard about it (Martin Moneysaver?), but never seen it on HUKD, so hope it helps someone.
• up to 12 - £2 per year
• 13 - 18 - £10 per year
In addition to this, you get:
• Money Box (on opening the account)
• Pencil Case, including a notebook, pencil and ruler (at age 7, when children can start using their money)
• Calculator (at age 11)
Note that the idea of this account is to teach them about money, NOT for you to start a savings account for WHEN they turn 18!
I thought it was quite a nice idea.
Think family (Grandparents etc) can open it for the kids too.
Can't remember where I first heard about it (Martin Moneysaver?), but never seen it on HUKD, so hope it helps someone.
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The cold votes are likely due to Co-op bank confirming it made a loss of £1.3bn recently.
bbc.co.uk/new…020
So maybe some hukders think it's not the best bank to be educating children on handling money and investment.
I have not voted either btw.
... just my 2 cents...
As far as their money goes, it will obviously be protected, but I guess it is understandable on principles - there's a couple places where I have to seriously resist not to mark them down because I hate the places involved!
Don't take it to heart, people just click cold without even reading the OP.
Many people on here do appreciate posts like this - So keep up the good work
Thanks - at least its been useful for someone then! Think the bonus amounts mean that (effectively if it were interest) it would be 5.5% + the goodies + actual interest (tho I think this is currently 0.5%).
This will be my 9th deal - yet to get a hot deal! Maybe next time...
A: poor choice in investing money held by them,
B: having to ask for a lot from their investors (again)
C, lending £40m+ to a certain football club that hides their dirty laundry under the carpets. (sorry that should be classed as A as well)
d: Probably not going to be around (in its current form at least) for very long.
Haha, fair enough, maybe if I was FireNom69?
We never expected Ovivo to last long, it didn't stop it being a good deal for the 9 months my wife had for at £15 (and with this you know you will still get your money back)...
Fair enough on the moral ground tho, I can't fault you there...
cracked.com/art…tml
Thanks Sofiasar, but assuming you mean this - halifax.co.uk/sav…ts/ - it's completely different to what I am talking about.
With the Co-op deal, you chuck in £50 and forget about it. With the account you referenced, you have to put in £10 every month:
Don't get me wrong, 6% sounds great and I may actually get these for the kids too, but it is a completely different thing.