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Legal, pensions and money

Children savings

(11 Posts)
Aka Tue 23-Jul-13 11:52:14

Interesting thought Moved and probably feasible for the nearly 7-year old. I'm so sorry if my worry was haunting your dreams moon.
One worry is that I have enough trouble getting access to my iPad already when the 3-year olds stay!
You are correct in that the most important bit is taking the money in and watching it grow. Will consult with nearly 7 year old on this hmm

Movedalot Tue 23-Jul-13 11:34:25

Aka I don't understand why I woke up in the middle of the night and this was the first thing I thought of! Your GC are in the Internet age so could you find a BS near their home where they can take the money in and then look up the savings online? Probably the most important element of this saving if for them to be able to take the money in and deposit it themselves then they can watch it grow either online or in a pass book. Good habit to encourage.

Aka Mon 22-Jul-13 23:22:20

Thanks for all the good advice. It seems that many Building Societies still do pass books but banks generally don't. I'm not too concerned at interest rates as they only get £1 a week from me, which goes into their piggy banks and once a month gets transferred to the account. It's building up that savings habit, which many of us remember from our own school days.
My oldest GS took over a year to save up for the scooter, but his pride in going into the shop and handing over his cash had to be seen. And now he looks after it, puts it in the shed, cleans it, etc.

annodomini Mon 22-Jul-13 23:08:06

When we saved up enough, we got a savings certificate. I cashed mine in when I was about 30, because I'd forgotten all about them. I think we got a new transistor radio.

j08 Mon 22-Jul-13 22:32:06

I used to have a Post Office Savings Book. Pity you can't get that now. It was such a straightforward way to save up for something.

annodomini Mon 22-Jul-13 21:53:09

Our teacher took our deposits every Friday. My grandparents used to send money for us to save.

glammanana Mon 22-Jul-13 21:45:46

We used to save in our school bank and take in our book every Monday for deposits,it's a pity they don't still do it,but I can understand the extra work involved for the school secretary or assistant.

Charleygirl Mon 22-Jul-13 17:15:17

Try Skipton BS if there is one near you. They still issue passbooks for adult savers so why not children?

Movedalot Mon 22-Jul-13 17:11:11

Aka if you google child savings you will find lots of different ones. Some of them have quite high interest rates but I think they may be for regular savings.

I have passbooks for some of mine, West Bromwich and Saffron. I suspect a lot of the smaller ones still have passbooks. You could ask the Coventry, I've had savings with them for years and they are excellent.

sunseeker Mon 22-Jul-13 16:41:40

Britannia do a Child's Savings Account with a passbook, not sure about the interest rate though!

Aka Mon 22-Jul-13 16:20:02

All the GC have either a Trust Fund or a Junior ISA, but I wanted them to have a little saving account with a pass book that they can pay their pocket money into and save up for the little things. The oldest two had one with the Cheltenham and Gloucester and GS1 saved up for a scooter he coveted and watched his money grow by examining his pass book. But when I come to open one for the next GC I find this isn't possible any more because they have been taken over by Lloyds TSB. Instead they will have a card and if they want to know how much they have they will give them a balance slip. Big deal.
Now I'll have to find somewhere that still issues pass books, close the C&G accounts and open three new ones, with all the red tape that incurs. I feel like shouting lots of bad words! angry