in January 2024 Babies 🇬🇧

Baby Bank Accounts

Has anyone set up a bank account for their LO’s? I don’t know where to start or if there’s a specific one I should open? I want one where we put money in monthly with no access until they’re 18-21. Thanks in advance! Xx

Show your support

I set up a Junior ISA at Halifax for my little one and money can't be withdrawn until he's 18, I think.

I set one up with Barclays because I'm with them and I plan to save the child benefit in to it each month because that's what my mam did for us. Goes a huge way when they get to 18 and want to drive or travel or head start at uni etc. I'll set up a junior ISA if we are ever in the position to start putting lump sums in because it's tax free. At the moment we have no extra money haha Xx

My boys also have ISAs, but theirs are stocks and shares ISAs. No access to it until 18. They also both have junior savers accounts, which are more like current accounts.

We’ve done a high yield savings account and an ISA for my little boy, his dad and I are putting into his ISA and family we are putting into a HYSA so he can use the money to buy a car and driving lessons (he can’t access his ISA until 21 so will need money before that for driving) x

https://www.moneysavingexpert.com/savings/child-savings-tax-free/

I've opened up a 'kids monthly saver' with Halifax which automatically opens up a kids saver. Yhe kids monthly saver account have an interest rate of 5%. You can only put in £100/month for that interest rate and at the end of the year is gets transferred into the kids saver. If my LO's dad ever pays Child Maintenance some of that money will go in to that account so that I can take it out if I desperately need to (which I shouldnt). I'm then going to open a Junior ISA through my work as I'm sure that's a tax relief benefit (I could be wrong) but only doing that when I go back

I got a bank account with NatWest for both my girls. It’s a In trust account so they cannot access it until they turn 18. All their child benefits go into it and any birthday or gifted money goes straight into it.

My children have a Halifax junior ISA, Kids saver, and kids' monthly saver. My 4 year old also has a junior 123 with santander. The ISA can't be touched till they are 18. The monthly saves and then goes into the kids saver. The 123 will become theirs to use when they are a bit older