Best bank to set up account for little ones?

11
Found 21st Feb
I would like to set up a bank account for the little one, I, myself am with Santander, what are people's opinions on which bank would be best to go for for little ones? Thanks in advance.x
Community Updates
Ask
11 Comments
Think you would be best checking out matey boy.... HERE
I think i heard Martin Lewis quote Halifax for interest. But the interest is so small. I would go with one you can lift anytime.
Martin Lewis covered the in his last show, should be able to catch it on ITV hub
What is a little one? A small deposit?
windym1 h, 37 m ago

What is a little one? A small deposit?


It's a small human
I am with Nationwide for a childs ISA although the interest rate is smaller then the goverments child account so I save in both
windym2 h, 36 m ago

What is a little one? A small deposit?


Pretty much when you think about it
My daughter has the mini Santander. I have accounts with 2 other banks as well as Santander and find their online banking really easy to navigate, set up payees etc and so far, isn’t always constantly being taken offline / crashing like some banks. When older, they can switch to the ‘ grown up’ or student versions. My eldest got a free student railcard with her Santander student account, not sure if that’s an ongoing thing.
Personally, I would suggest you not only get them a bank account but one of the pre-paid debit cards for kids. They can be personalised with their name, picture of their choice etc and it gives them access to whatever money you put on there. They won't blow all their money and it teaches them a sense of budgeting. You can control them with apps or online. Any actual bank account then could be a mainstream account in their name (not specifically a kids account) which you can have overall control off but please over when you decide they are ready.
Also these debit cards are great security. When my granddaughter got stranded 40 miles away (lost her train ticket and no credit on her card) she phoned me and I transferred money to her card a so she could get a train home. It was on there instantly.
Write to the bank instructing them to pay interest (if you get any) gross
Friendly Societies do good, tax free (as with any bank, when I think about it!) savings plans for children. As they are mutuals, all profit goes to account holders, rather than shareholders. It's quite a long time ago, but my daughter benefited a lot from one of these when it matured at age 16. Small savings really added up.
moneyadviceservice.org.uk/en/…ons
Post a comment
Avatar
@
    Text

    Top Discussions