Childrens Savings

[dancecaller]

What childrens accounts can a 7 yr old pay into at the Post Office.
My grandson lives 10 miles from several towns but there is a PO in the village.

[ubasses]

Deposit into your bank account
You can also deposit money into most major bank accounts at the counter in any of our branches.

The above is from the Post Office Web site, probably best if you source a few accounts that are suitable then, pop into the PO and double check.

Will also need to check if he can have an account in his own name at 7. When I was working it would have to be in a parents name re the child, and their signature would be required to withdraw.

[dancecaller]

Well yes, but it is not obvious from the PO website which accounts could be operated by a 7 yr old.
We are talking about his savings from pocket money, so not huge sums but to teach him to manage his own money. And even if the interest rates are not top of the best buy tables he needs to get something more than his piggy bank at home, otherwise why bother.

[ubasses]

No it is not obvious, that is why a visit, or a phone call to the PO is required to ask the question, but reading their blurb it does not have to be a PO account, it says they accept transactions for most major Banks, so it gives you more choice in finding an acceptable (I won't say good) interest rate.
Also these days I do not know at what age any financial institution will open solely in the child's name but that will not stop him depositing money himself. Only when it comes to a withdrawal he would need a parents signature.

[dancecaller]

I read than as 'bank accounts' - current accounts, rather than savings accounts.
Is it 11 for current acc.
Just wondered if anyone on here had done it.

[EDDIE51]

All the details are here
http://www.uswitch.com/savings-isa/childrens-savings-accounts-guide/

[dancecaller]

Yes, that gives general advise, like many other websites, but not the specific answer to my q

[dancecaller]

If he was 11 he could have a PO instant saver (which he might be be the time we've waded through all the small print).
1.2% but only for a year, then .1%

[EDDIE51]

From my link 'a child needs to be 7 to operate an account themselves' . Before this the account can be held in a child's name but operated by an adult.

[Buenchico]

As I read it, there are no children's savings accounts either offered by the Post Office or available through them.

Only current accounts are available (from various banks but accessible at Post Office counters) but, unlike savings accounts (where the minimum age is 7), banks won't allow a child to hold a current account until they're 11.

So, regrettably, I can't see a solution. However an experienced Post Office branch manager (rather than the barely-trained supermarket worker who so often seems to be put behind the Post Office counter in shops these days) should be able to provide a definitive answer.

[dancecaller]

Yes, I was coming to that conclusion.

[dancecaller]

A shame. I had my blue PO savings book as a child and put my few pence savings in at the corner shop.