Opening a bank account for baby

[laetitia85]

Did any of you open an account for your little one from birth? can most banks offer the service?
is it a good idea?

 

[neeko_1]

hey

we opened one for nay, when you get child benefit they should send you a trust fund of £250.

you can open a back with that, you can pay money in etc and you don't touch it, that what we are doing for her.

so when she's 18 she can have it all

 

[lotti77]

I did for my son he now has more money than I do
I think that everyone should do it even if you cant contribute regularly it comes in handy if relatives wana give money for special occasions.
I dont know of a bank/financial institution that doesn't offer childrens accounts you can even open them online them produce the babys birth cert at a later date.
Hope that helps hun

 

[trixipaws]

its a chore! obviously u cant do it b4 the birth coz u need the birth cert etc, but once the babys arrived there just dont seem time to piddle around in the bank. its so much more complicated than we thought! u need an appointment and u gotta fill forms in etc

but we hav opened her one coz she got given money as gifts for her arrival. shes got more money than us lol!

 

[Bee]

My current bank account I have had since I was a baby

 

[Gemma & Jake]

Hi we opened an ISA account for Jake with Abbey as the interest rate is good. With the ISA you are in control of it and can choose when they draw any money out. Jake has also got his CTF account with Abbey but I didn't want to pay any extra money in to that because he can draw that money out when he is 18 whether I want him to or not. With the ISA if I decide to let him have the money at 21 for example then he can't draw it out before. We don't pay money in on a regular basis at the moment but any money he gets for his Birthday or Christmas goes in to it.

 

[enn]

i opened and isa if spelt right lol

as in ice a lol anyway a savings bank. yea she was i think a couple weeks old. i got her in docs too all regd up early like few days old or something like that. bank account has to be in your name anyway then u chuck money in then hand over at a certain age like 18 or something to your child

yea thats what im doing gemma. wow devonians think alike

aww bon jovi's on sky kerrang

 

[Bagpuss17]

We opened a Halifax savings account for him, it's one of the best interest rates on childrens accounts.

Make sure you use your £250 voucher to open a CFT as well.

 

[mdsremos]

Its best to open a 'child' account as opposed to just opening an account in your own name to save for your little one as they dont pay tax on the interest whereas an adult does!
We opened a savings account over the phone for Charlie with Halifax then we called into our local branch and collected the passbook, handed over his birth certificate and an item of my address ID (as I am his Trustee until he turns 16) and signed a form to make sure he wasnt taxed on the interest and that was all it took!!! Oh, he received a free money sorter money box and calculator...although the calculator wasnt suitable for babies, never mind

 

[muppetmummy]

When James was first born we received some money for him from different relatives so opened up a post office account for him. Later we realised it wasn't that good interest wise so bought him some premium bonds instead.

We opened a Child trust fund account for James when the £250 voucher came through (when he was about 3 I think ) and we pay money into it each month.

I wouldn't rush into opening a bank account, I found my post pregnancy brain far too foggy to be making any big financial decisions

 

[Strangeness]

Aaron has a natwest bank account which we opened a few weeks after he was born. We pay all the money people send for xmas and birthdays into it and we add all the money his nanny gives him for his money box after a few weeks (he likes posting money in it so he gets a fortune out of us lol). He got a free book for opening it! He's also got the trust fund account but we don't add to it.

 

[nicola0531]

I work for the bank of scotland no problem to open an account from birth just make appointment and take birth certificate

 

[Princess_Puddles]

Harrison has a CTF but we haven't added any money to it and don't plan to either & he also has 2 bank accounts one of which is Halifax & is 10% interest for a year!! where all his money he gets goes into and me & OH pay £25 a month into & he also has one from my Mum whos only just opened it for his 1st birthday and will be paying into it at birthdays and christmas's only. Harrison has alot of money now and it will be great for him for the future so I definately reccommend opening an account even if you cannot pay into it on a regular basis its still good for christmas's and birthdays