I am trying to find a children's savings account which offers the following:
I have done loads of searching but the banks and societies seem to be a bit thin on detail.
Does anyone know if this is possible? Or who offers the most user friendly accounts.
The children are 13 and 12 years.
Cheers.
I think nearly all allow this. They often have a low daily cash withdrawal limit, something like 100.
Watch out for interest if the account is going to contain a significant sum - if *you* put the money in and the interest is over
100 it is taxed as *your* income not the childrens' (assuming you are their parent).
I'd be interested in this as well - though I haven't looked very far. My understanding is that some banks don't allow cash cards before 14.
Neb
account.
Nationwide allow them at 11. You can also do online transfers into the account, and operate it online (don't know about what you can/can't do online - eg transfer out):
Pretty much any account will let you do that if you know the sort code and account number.
Currently with Abbey. I don't have a sort code for these accounts and to be honest, the level of competence of staff (both by phone and in branch) seems to be so low, I don't think that I would trust them if they gave me one and said I could transfer in with it.
I was going to suggest nationwide. I'm not sure it's a good idea to encourage children to have a savings account they can take money out of! Perhaps they should have two accounts - one for long term saving and one for day to day budgeting. Might teach some useful life skills that way.
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