Has anybody got bank accounts for their little ones?

Aimee has got an account which has approx £1,000 in it, we have always put a little in every month and on her birthday and Xmas if she has had money, we put it in her account.

When she is 11, she will have full access to this account (building society rules) . My plan is to remove the money before this so that she doesnt do something silly and take it all and buy an ice cream van or something equally silly. I will then keep hold of the money (and any additional funds by then) in an account in my name until we feel that she is old enough to take responsiblity for it.

We are hoping that this money will go towards uni, a house deposit, a car, or possibly helping to contribute to her to afford to have children if she has to leave work, etc due to her heart condition.

If you have got accounts for your kids, when do you intend on letting them have the money? x

My nan had one for me and my brother and we got given it at 18, I basically pissed the money up against the wall! I'm only 20 now but I would have handled it much better now, so I htink 21 would be a good age.

Also my savings account was with nationwide and supposed to be controlled by me when I turned 11 but my nan just never gave me the book to take out money.

That is what worries me about giving it to her at 18. I think I will have to remove it from her account as she will automatically get full access at 18 and I dont want to get done for fraud or anything if I keep hold of it.

I was the same... my gran had an account for me and I totally wasted it... and I was 21 when I got it!

That is why I think I will just not tell her about it (well, she can have a portion in her account, so I can see how she manages it) until she is ready to buy something big/important. Even if she is 30 when that time comes!

x

When we got the child trust fund voucher we opened a savings account with Nationwide, no one can access it until she is 18, I'm 'hoping' she will do something sensible with the money then though. We usually save our change and then put it in her account around her birthday (along with any other money she may get). xx

Bethany has got money in 3 accounts, she has got a bank account with the natwest where we pay in each month, just a small amount, more to say that she has got a bank account, then she has got her child trust fund with the Nationwide but we don't pay anything into this with her being able to access it at 18, like you said so she doesn't do anything silly with it and finally she has a child investment trust which has the bulk of her money in it and we also pay into that monthly too.

Thats probably best, wait untill she has something big that she needs help with otherwise it's just spare money and easy to fritter away because she wont need it.

You get much better interest rates on childrens accounts though, so I'd leave it in there till she's 18 then transfer it.

Should have said, the two accounts we are paying into we have not yet decided when she will get it, ideally, to help with uni or towards a house deposit.

We didnt actually have an account like that but my mum payed for some my driving lessons and gave me half my car money aswell as helping me out when i moved into my own plaace xx I think i prob woulda blown it if i was givien a big mount x

Actually though, my youngest sister stole my nans car when she was 13 (lovely girl ) and my nan took her money off her but as she was over 11 my sister had to sign to take it out, so leaving it there may not be an option for you

Chloe has her child trust fund which she'll get at 18 and we've added a little to it, I also have a flexible saver for kids with Santander which I'm trustee on until she's 18, she has about £2000 in there at the moment but I'll move it out of there before her 18th birthday and put it somewhere else as I want her to use it sensibly. I've also put £1000 in premium bonds too, which I add to when she gets money gifts from relatives

braden and dita have their trust fund which we dont add to. They will obviously get that when they are 18, but their great grandma and grandad dont buy them presents they put money in their account instead, a different account, It is an account that can be accessed at any time, and my oh's grandparents have made it clear to us its not for them when they are older, its for things like, if they want their bedroom decorating, all new furniture etc, if they are going away they can take some for spending money etc, and just basically anything sensible at any point. We are hoping to take some out next year to get them both new beds. We can afford to get them standard ones, but with some extra we can get them both something really nice that will last.
I think its a great idea, but we wont use it for much so there will deffinately be some left in it for when they are older. They did the same for my oh, and he was given it completely when he was 18 and he was so sensible, he just added bits now and again and the money he had went as our deposit on the house! I hope my kids are as sensible!
x

We put CTF with... erm... a bank... (nationwide?! can't think!) just to sit there basically as an extra £250 when bean is 18.
Then a child's regular saver account that we put money in each month with the Halifax, can only take money out by closing the account so will be for when he is 18 too.
Also his money box that bits of money go in - birthdays etc - which we hope to teach him when he is older to use (+pocket money) for when he wants to buy things himself. If it gets too much in there though we'll open a 'current' type account that this money can go into, but will be accessible as and when he wants it. Within some kind of boundaries

Lol @ ice cream van - I like it

We have 2 savings accounts with Nationwode, one is an instant access type that you can pay any amount into and has average interest rates, then there is a higher interest one, but you have to put £100 at a time, so I wait til the one has some in and then transfer

They are both in my name, I did apply for one for her with Natwest but they screwed her birth certificate up, then cocked it all up and said I needed to reapply, but i wasn't sending them the certificate back as they would probably rip it!

i have one in my nephews name with Nationwide that he can get when he's 11. we're just not telling him about it though and he'll get it for his 18th to buy a car or whatever he wants.
we've not opened one for Arwyn yet cos we still haven't decided what we're doing with her CTF voucher but i'll probably just open the same savings account for her and put in £10 a month and anyone else can add to it if they want

i have a savings account for rich which if its 11 then he entitled to that now, to be honest we put his child benefit in and use it at xmas, birthday or for clothes etc through the year.

my dad has opened isas for the grandchildren and they get that when they 18 to buy there first car and to insure it.

to be honest i wouldnt move rich money when he 18 its his money and if he just uses it then he does, hopefully i will teach him not to do this and that he will need it for car, flat etc
but thats me i had an account of my nans when i was 18 and i brought my car and a holiday with it, so didnt waste it and was always told the money was for a car.
but each to their own