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Legal & money

Best savings account for my grandson.

(39 Posts)
Scentia Mon 11-Nov-19 18:05:01

I want to open a savings account for my grandson is there one that is the best or is there a better way for the family to save money for his future?

Calendargirl Tue 12-Nov-19 15:57:31

Will it be for just you to put money in, or other family members as well? Do you want it to be no access until he is older, or for money to be available for birthdays etc?
I would be inclined to check out interest rates and see which is best. Building societies are often better than the banks, Some of the smaller ones give decent rates, but rates can change quite often. Read up on the terms and conditions before committing yourself to anything.

notanan2 Tue 12-Nov-19 16:11:16

Ask the parents they may already have one.

Do you want one they can manage? There are some good pocket money app accounts and kids debit cards out there which are better for learning money management than traditional paying in books and parents can track spending.

For longer term savings I think the chance element of NS&I is fun and you can now open a child one for £25 instead of £100 as it was previously

notanan2 Tue 12-Nov-19 16:12:18

With rates so low I dont think saver accs are great so would go for one of the above!

notanan2 Tue 12-Nov-19 16:15:01

www.moneysavingexpert.com/banking/cards-for-under-18s/

annsixty Tue 12-Nov-19 16:27:34

I have just opened that link and feel our children's childhood is being stripped from them.
By all means teach them that money doesn't grow on trees, at an appropriate age teach them how to manage money and the consequences of not doing so but for Heaven's sake, a bank card at the age of 6 upwards?
OP put money in a bank account for teenage years.

Scentia Tue 12-Nov-19 16:51:01

Oh I didn’t realise I could get premium bonds for children less than 100 pound I think I will do that.

notanan2 Tue 12-Nov-19 17:06:30

Oh please! I had a bank book at 6! Which was a mini version of what my parents had who also had to do all their banking in branch with paying in ledgers etc. Exact same concept as a pocket money card.

Their childhood is not being stripped away by having a pocket money card good grief!

Gonegirl Tue 12-Nov-19 17:12:38

I got my two grandsons bank accounts with cards some time back. (Well their mother had to take them into the bank, but I supplied the cash). Their pocket money now goes straight into their accounts via direct debit, and it makes giving birthday money and Christmas money so easy. I just say in their cards, "present in bank account".

Now GS2 is doing part time jobs, he has his wages put into it.

Gonegirl Tue 12-Nov-19 17:13:59

I would love to know how to give money for their future in a way that it can't be touched until a certain age.

Scentia Tue 12-Nov-19 18:41:29

* annsixty*
I would say it is the future and by the time my 6 month old grandson starts work there probably won’t even be cash!

Gonegirl. I think I read today that Nationwide do an account that is closed until they are 18 but I think only parents can open it.

notanan2 Tue 12-Nov-19 18:54:12

Cash is already obsolete in most secondary schools. Canteens are cashless with prepaid cards or fingerprint accounts and larger sums for trips etc have to be paid via parent apps

annsixty Tue 12-Nov-19 19:10:08

I stand corrected.
At 82 I am way behind the times (TG).
I wasn't talking about savings accounts here, my GC like most of yours will have had bank accounts from being born, I was talking about cards loaded with money, a very different thing.
I don't think children use cards for buying meals at school until age 11.
I don't think children have

annsixty Tue 12-Nov-19 19:12:32

Fat finger there,
I think children will have the responsibility of dealing with money soon enough.

annsixty Tue 12-Nov-19 19:15:47

Notanan
Please try not to be so critical, I am not a child to be criticized.

notanan2 Tue 12-Nov-19 19:26:05

Please try not to be so critical, I am not a child to be criticized.

Eeerm it was you that was criticial of my suggestion. In quite an OTT way so....

Gonegirl Tue 12-Nov-19 19:28:31

I will look at that one Scentia. To be honest, I would like it be a little older than 18. Don't trust them not to blow it before about 21 at least.

notanan2 Tue 12-Nov-19 19:29:26

I mean "childhoods being stripped from them" grin Lol!

Because they can now get mini "practice" versions of their parents accounts

Just like previous generations had mini practice versions of their parents bank balance books when that was how banking was done

Gonegirl Tue 12-Nov-19 19:32:01

My grandkids love the "responsibility" of handling their money. 😀

annsixty Tue 12-Nov-19 19:41:08

Are they 6?
I was not criticising you notanan but the idea of children aged 6 having cards loaded with money, not bank accounts with money in that account.
I find you rather rude but that of course is just my opinion.
You are probably an extremely nice person in RL, as I hope am I.

notanan2 Tue 12-Nov-19 19:47:49

They're exactly the same as an old style ledger/pay in book pocket money account. Just updated.

I used to be able to get money in and out of my bank book to spend in shops its no different.

If you dont see how saying my suggestion would strip children of their childhood was at once ridiculous, critical and rude then that's your problem. There is nothing rude about me pointing out that that constitutes you criticising me not the other way round

Jo61 Wed 15-Jan-20 06:36:36

I was disappointed to read the negative comments to other members of Gransnet. I've closed my Facebook account for this very reason hoping to join a mature site. Can we please remember what we tell our children and grandchildren...... be KIND to each other. Surely we can express our thoughts without fearing backlash. I'm hoping to speak and maybe meet new people using this site, and don't want my membership to be short lived. Was it Bambi's mum that said "if you haven't anything nice to say, don't say it at all".... could be a miss quote ....... have a lovely Wednesday everyone smile

janeainsworth Wed 15-Jan-20 08:34:34

jo61 without taking sides on the little spat on this thread, which to my mind isn’t really a spat, but a mild disagreement, it’s not really a good idea to join a forum and start lecturing the existing members on how to behave.
You’ll be instantly marked out as one of the ‘thread police’ grin
I see you’ve started another thread on this subject so I’ll post this message on there too, just for good measure.
Have a nice day, everyonegrin

rubysong Wed 15-Jan-20 08:57:44

Jane please tell me the title of the new thread. I can't find it. I would like to know where to save money for my Californian DGC. I can't find out if premium bonds are legal in California, the NS&I website isn't clear. I want to save for the future, not pocket money.

janeainsworth Wed 15-Jan-20 09:17:28

rubysong www.gransnet.com/forums/meet_ups_where_are_you/1271896-Be-kind

I have a similar problem to you with my American DGC. It was 10 years ago so may be different now, but I found that all the children’s savings accounts needed parents to open them, and that children’s ISAs were only available to British children. My DGC are American citizens. I looked at stocks & shares accounts too but they would have had to be cashed in as soon as they reached 18, which may or may not have been a good time to do that.
So in the end I just give money as well as presents on birthdays and Christmas and trust my AC to use it wisely.