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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)

Found 17th Apr 2014

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.

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13 Comments

Original Poster

17th Apr 2014

Thought this could go either way, but genuinely curious - why negative? Not including the free stuff, even the £2 a year is 4%...

Edited by: "FrostbiteXIII" 17th Apr 2014

17th Apr 2014

FrostbiteXIII
Thought this could go either way, but genuinely curious - why negative? … Thought this could go either way, but genuinely curious - why negative? Not including the free stuff, even the £2 a year is 4%...

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...

17th Apr 2014

I think it's a lovely idea thank you better than I'm getting with my Barclays. Will look at sorting. Thank you

Original Poster

17th Apr 2014

Thanks Shimagoza.

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!

17th Apr 2014

FrostbiteXIII
Thanks Shimagoza.As far as their money goes, it will obviously be … Thanks Shimagoza.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

Original Poster

17th Apr 2014

nice2bnice
I think it's a lovely idea thank you better than I'm getting with my … I think it's a lovely idea thank you better than I'm getting with my Barclays. Will look at sorting. Thank you

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%).

Original Poster

17th Apr 2014

shimagoza
Don't take it to heart, people just click cold without even reading the … 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 shimagoza.

This will be my 9th deal - yet to get a hot deal! Maybe next time...

17th Apr 2014

FrostbiteXIII
Thanks shimagoza. :)This will be my 9th deal - yet to get a hot deal! … Thanks shimagoza. :)This will be my 9th deal - yet to get a hot deal! Maybe next time...

In all honesty....I don't think your name is helping much.

17th Apr 2014

Going cold probably down to
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.

Original Poster

17th Apr 2014

eatmorefish
In all honesty....I don't think your name is helping much.

Haha, fair enough, maybe if I was FireNom69?

Morgan007
Going cold probably down to A: poor choice in investing money held by … Going cold probably down to 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.

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...

Original Poster

17th Apr 2014

FrostbiteXIII
I can't fault you there...

Well, except to say that all banks are evil. Bit surprised at #1 to say the least... oO

cracked.com/art…tml

Edited by: "FrostbiteXIII" 17th Apr 2014

Banned

17th Apr 2014

I'm sorry but Halifax gives you we more. I get £20_£30 a year for mine. mm mm I'm loving it. It's called children's regular. was save4it

Original Poster

22nd Apr 2014

sofiasar
I'm sorry but Halifax gives you we more. I get £20_£30 a year for mine. m … I'm sorry but Halifax gives you we more. I get £20_£30 a year for mine. mm mm I'm loving it. It's called children's regular. was save4it

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:

Halifax
Pay in any amount from £10 to £100 each month by standing order

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.

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)

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