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Legal, pensions and money

Best savings account for my grandson.

(39 Posts)
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 19:10:08

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

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

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.

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.

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.

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!

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.

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.

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

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

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 16:11:16

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

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.

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?