Do children have savings accounts these days?

My GCs do, they have their own bank accounts and it's all quietly accumulating in there. I have the account numbers so can just pop some in when I feel like it. They are given so much tat and plastic by their DF's family on their birthdays that DD can't bear the thought of anything else coming into the house, so it suits us all very well to do it that way. I give all the tat and plastic at xmas.

My two have got savings accounts. Think they're with the Halifax. And we do junior isas for them. One unfortunately is stuck with his Child Trust Fund that earns very poor interest. The gov is supposed to be allowing CTFs to be moved into decent isas in April. I hope they haven't forgotten.

My "my two" I do, course, mean my grandkids.

The two local dgc have accounts and we make a deposit each birthday and Christmas, as well as a gift.

Dgs in USA does not yet have a bank account. His parents had a lot on their plates with regard to admin, work, visas, et al and transfering money costs a lot. So we have a money box for him and it is topped up as and when - his name is on the bottom of it --- just in case dh and I were to pop our clogs.

All of ours have savings accounts except for new baby, and his will be opened soon. The two oldest ones also do chores for pocket money like emptying the dishwasher, tidying their rooms etc.

Oh good ! So I'll send them money. I've sent money before, but to their parents.
I thought perhaps saving wasn't so popular now as interest rates are so low, and it's relatively easy to get loans.

jingle yes CTFs can be moved to child ISAs in a couple of weeks. The rates are far better.

We opened an account with Halifax for GS, age 8, into which we put a set amount every month, and odd bits of money such as dividends from some shares which we bought for him. I hope it will remain untouched until he needs it for something sensible! I agree about CTFs, very poor returns and not worth putting extra money into.

Thank you Nonnie. I missed that info.

All our GC have savings accounts.

I always give my GC money as they have far too much "stuff", and they've always had accounts.

My DD chose an ordinary children's savings account rather than a Junior ISA for my DGC, because when the ISA matures at age 18, the money is under the control of the young person. She feels 18 is too young to be entrusted with what might be a significant amount of money.

Yes my DD and sil opened an account for each of their children at birth and my sil has an amount put into each of the accounts every month directly from his salary. Not sure if my DD does. We give pocket money and now that my GSs are getting older they usually have birthday and Chrtistmas money which they save up for something they want.

They should have those Child Trust Funds which were set up between 2002 and 2011, TriciaF but I would check to see if they have anything better besides this.

I usually give DD money for DGS to spend on what she thinks he would like, or to save for something larger. I also send a small present too.

wgat he would like I mean!!

Our children have savings accounts with the Halifax. When they're 7 they have to sign their name and then they get an atm card. They feel soooooo grown up. We give them £1 a week each pocket money and they save it to buy things they want. Our daughter is saving for some sort of fancy scooter and our son, bless him, is saving for a Ferrari

I'm fairly new to GN so have only just discovered this forum although I'm not sure how active it is. I have a query that belongs here but can't really see an answer that fits.

We want to open an account for our DG so that we can pay in regularly and other members of the family may want to add to it as well. When we put this to our DS, he was adamant that DS should not have sole access to her account at 18 and wants some sort of 'trust fund' set up for her so that she needs permission from a 'trustee' to spend the money. Have any other GNs any experience of this? Any advice on where we could get help with it?