Opening a Bank Account for LO?

[hawalkden]

Just wondering if anyone else has opened a Bank Account within the same bank your/OH are with?

I'm thinking about opening one when LO is here we're due in December so thinking the money will build up with their birthday and Christmas being close together.

Is it a good idea? Also thinking that LO wouldn't know about it until they are at least 18 and then they can use the money for University or a house etc?

 

[Mooshie]

The government are introducing a junior ISA in November, it's replacing the Child Trust Fund and you can save up to £3600 per year tax free.

If you google it you'll find lots of info.

 

[lindseymw]

I've opened a bank accounts for both my sons when they were born. The account is in their name with DH acting as Trustee, we save our loose change up & put that in as well as any money they get for birthdays + xmas.

 

[Baby France]

Both of our LO's have bank accounts and we put money in every month and any birthday/xmas money they get...they've got more in their bank account that me!!

 

[Kittifer]

.

 

[Mummy~L]

Bobby has one, we have still got to do Darcys! We save £20 a month into it at the moment plus any birthday/christmas monies go in there x

 

[bouli]

opened lo's bank account last week..will be putting some money on it every month and then b'day and xmas money! opened it with lloyds...I think that a very good thing to do! I wished my parents did the same for me !!!

 

[SleepDeprived]

We opened an account for our son ... we deposit government child benefit cheques into it monthly. We also put in all the gift money we received when he was born, and will continue to deposit any and all gifts he receives into it.

My parents started an account for me at birth that I put towards major repairs to my home after I got married. I think it's a great thing to be able to do for your kids.

 

[moomin_troll]

by boys have 2 savings account each, im keeping it a secret and they will get them on their 18th and 21st bdays

 

[hawalkden]

Me & OH are with Lloyds so prob open with them!

 

[Kangaroo786]

Me & OH are with Lloyds so prob open with them!

Same here. Lloyds are doing a good rate at the moment (3% var) The last time I looked it was top of the best buy tables. You need to take babys passport or birth certificate and open in a branch. Here's the link:
https://www.lloydstsb.com/savings/young_savers_account.asp