vch Posted October 26, 2014 Share Posted October 26, 2014 Hello wise forum members,Our son is about to be paid for his modelling job and I should probably go open a bank account for him. So are there any recommended local banks that cater to kids? Also, what kind of account should I open? A regular savings account? A junior ISA? A stock market index fund?Thanks in advance! Link to comment https://www.eastdulwichforum.co.uk/topic/50720-kids-bank-account/ Share on other sites More sharing options...
Mrs TP Posted October 26, 2014 Share Posted October 26, 2014 All the banks do kids savings accounts. I'm not up to speed on the best deals but what you should do is make sure that when opening the application is processed correctly so your son does not pay tax on his savings / interest. Link to comment https://www.eastdulwichforum.co.uk/topic/50720-kids-bank-account/#findComment-793343 Share on other sites More sharing options...
Sonners Posted October 27, 2014 Share Posted October 27, 2014 When I opened my dayghter's account the young saver account rate was better than the JISA so there was no point tying the money up until 16 like a JISA does.You don't say how much he is likely to earn but in my opinion a JISA is only worth doing if he will utilise all of his personal income tax allowance.A FTSE linked fund could be a good investment if the money is not needed over the medium to long term as it should outperform cash on deposit on that timeframe but there is an element if risk. Link to comment https://www.eastdulwichforum.co.uk/topic/50720-kids-bank-account/#findComment-793537 Share on other sites More sharing options...
SLad Posted October 27, 2014 Share Posted October 27, 2014 Halifax have a good ongoing deal where if you open an isa with them (minimal investment required) they will give your child a high interest rate on their child ISA. It was 6% when we opened her account though I think it recently dropped to 5 something. Link to comment https://www.eastdulwichforum.co.uk/topic/50720-kids-bank-account/#findComment-793707 Share on other sites More sharing options...
vch Posted October 28, 2014 Author Share Posted October 28, 2014 Thank you for the replies! They're just what I was looking for. Link to comment https://www.eastdulwichforum.co.uk/topic/50720-kids-bank-account/#findComment-794061 Share on other sites More sharing options...
eva_ben Posted October 28, 2014 Share Posted October 28, 2014 The Halifax is sadly dropping to 4% from January :-(https://www.lovemoney.com/news/30777/halifax-slashes-top-junior-isa-rate-to-4Used to be the best about at 8%. Link to comment https://www.eastdulwichforum.co.uk/topic/50720-kids-bank-account/#findComment-794091 Share on other sites More sharing options...
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