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My 13 year old son wants to open a bank account. He wants to save up for something, he's got some birthday money and after buying some new BMX tyres he's not sure what to get as he reckons he has everything he needs.
So I suggested opening a bank account and sticking it away until he decides he needs/wants something would be a good idea. He agrees.
I'm hoping some of the parents here can advise me as to who is good and who should be avoided?
So, where to begin? Who is best?
Thanks
You can open children's savings accounts where you have to be a named adult on the account with him. This one pays 3% interest:
I'm sure whether this means only you as the trustee can pay money in/out? If you want him to be a bit more independent I would just go to any of your local banks and open a bog standard children's account in his name. Some might offer a free gift or something but I'd just go for the most convenient.
Thanks James, I was thinking along the same lines in going to mine which is local and has always been fine for me. Just wondered if there were any specific accounts worth looking at? I remember back when I were a nipper there was a super saver account with a super saver squirel? RBS Maybe? Loads of kids in my class had them. haha! Happy days!
It was Bank of Scotland with the squirrels. I'm afraid I'm not really sure about specific kids accounts, I would just go to your local bank like you say and see what they offer. There all likely to be much the same.