What's the best pocket money Bank Account for a 6 year old?

17
Found 27th Aug 2011
My son has saved £40 and wants to open a bank account!
Obviously not going to discourage his desire to save! But I want him to have a good experience.
Given the amounts involved a high rate of interest is of course great but not necessarily top of the list. I'd like him to have his own passbook and maybe a free gift and for it generally to seem fun.
He already has a Halifax account that we pay in to so don't want to combine the two as the Halifax is savings for when he's older.
Any recommendations based on personal experience would be great.
Thanks
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17 Comments
Original Poster
P.s. He also has premium bonds too.
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Is google shut?
Banned
6yr olds can't open bank accounts...
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why don't you tell him you'll be his bank, he'll be disillusioned with getting very little back from banks at the moment. If you create a passbook on your computer and give that to him. Tell him that banks are down on their luck at the moment so you'll look after his money for him and you'll pay 5-10% APR on his money that he saves with you (tax free) you'll have to work it out. You create a separate account but will top up the interest amount to 10% or something. Buy a stamp to stamp each page at the end of the month, write in it when he deposits money with you so you can keep track of it. Give him a toy for opening an account with bank of mummy and daddy
Original Poster

That's a good idea thanks

lumoruk

why don't you tell him you'll be his bank, he'll be disillusioned with … why don't you tell him you'll be his bank, he'll be disillusioned with getting very little back from banks at the moment. If you create a passbook on your computer and give that to him. Tell him that banks are down on their luck at the moment so you'll look after his money for him and you'll pay 5-10% APR on his money that he saves with you (tax free) you'll have to work it out. You create a separate account but will top up the interest amount to 10% or something. Buy a stamp to stamp each page at the end of the month, write in it when he deposits money with you so you can keep track of it. Give him a toy for opening an account with bank of mummy and daddy


Original Poster
dimebars

Is google shut?



This is a forum to request advice based on people's personal experience
Yes I can google interest rates and go to bank's websites etc but wanted to know people's own experiences and feel I've researched a bit more for him.
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mummy22angels

This is a forum to request advice based on people's personal experience.



No. It's the misc. And I think you'll find that my opening gambit is in line with this
I looked in to I for my two and interest for kids is rubbish santanders was about 0.40% which ain't worth the effort of travelling there to pay it in think lloyds may have just started a new kids account with more interest but not sure. I'd stick with premium bonds or the suggestion of being your own bank above.
Original Poster

Well based on the logic that this is the misc section on a forum I am allowed to ask a sensible question and hope for a few helpful answers. Obviously as it's an Internet forum there will always be a few unhelpful people too. That's fine and expected too.

dimebars

No. It's the misc. And I think you'll find that my opening gambit is in … No. It's the misc. And I think you'll find that my opening gambit is in line with this


My boys have an account with the Halifax. It's a regular saver but 6% pa. Perhaps he could give you the £40 and you pay £10 a month in? Bit mote than aybe you want to save but otherwise interest rates are rubbish.
GingerDi

My boys have an account with the Halifax. It's a regular saver but 6% pa. … My boys have an account with the Halifax. It's a regular saver but 6% pa. Perhaps he could give you the £40 and you pay £10 a month in? Bit mote than aybe you want to save but otherwise interest rates are rubbish.



My two have this account, we add to it every month. I believe it had the best interest rate at the time, they got a free money box and calculator.
Original Poster

Thanks, yes I think I agree, do like the idea of making a bank of Mum and Dad, he'll be taking loans from it for decades to come I expect oO

dtaylor21184

I looked in to I for my two and interest for kids is rubbish santanders … I looked in to I for my two and interest for kids is rubbish santanders was about 0.40% which ain't worth the effort of travelling there to pay it in think lloyds may have just started a new kids account with more interest but not sure. I'd stick with premium bonds or the suggestion of being your own bank above.


Original Poster

Thanks gingerdi and leilahfun
He does have this account already that we pay into for when he's older so was keen not to confuse the two as this is his money to spend when he wants. It is a good one and was the best interest when we opened it 5 years ago.

GingerDi

My boys have an account with the Halifax. It's a regular saver but 6% pa. … My boys have an account with the Halifax. It's a regular saver but 6% pa. Perhaps he could give you the £40 and you pay £10 a month in? Bit mote than aybe you want to save but otherwise interest rates are rubbish.


Northern rock, little rock best rates!
Wait until 25 October 2011. That's when most banks will launch a new account called ~ JUNIOR ISA Account.........:)
When you open the account make sure you take his birth certificate with you as you can't open one with it out it now, needed this when I opened my sons one when he was a few months old.

I done his on a rbs account and he has £10 put into it each, so he gets about £500 a year, plus he gets other bits and bobs put into it aswell when people give him money, he is only near 9 months but it all mount up when he is older.

My daughter is 11 and has hers with the halifax, which she has saved this and that from when she was born, she has a few bob in there now, and says it will help her learn to drive and have a car when she is older, I guess it helps her know the value of money .
Edited by: "philmitchell" 27th Aug 2011
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philmitchell

I done his on a rbs account and he has £10 put into it each



tight ****, I put £100 per month in my daughters, even if it means I have to eat the fluff down the back of the sofa.
Edited by: "lumoruk" 28th Aug 2011
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