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What's the best savings account for a child?

Whats the best bank account to open for savings (UK / Northern Ireland)?

  • Hi Guys, My pay currently gets paid into a Halifax account each month (A whopping £1000 per month) and I am pretty rubbish at having any left at the end of the month! I have worked out that I could spare about £250 per month and still be able to get by after rent, phone bills, sky, food etc so what I want to do now is open a new account and set up a direct Debit from my Halifax account for £250 per month. I have no idea about bank accounts so I was wondering if anyone had any recommendations about what bank to go to and what kind of account I should be looking for? I don’t need a debit card or anything like that - I don’t want them to make it easy for me to lift the money, I’m a fool with no will power when it comes to money ;-) All I am looking for is an account to put money into each month to save for a rainy day Any help would be great, thanks!

  • Answer:

    An ISA is probably the best thing for you, if you're planning to put away £250 a month. You will not get taxed on the interest earned in these accounts. Most ISAs pay interest yearly though and will only pay it on what is in there at the time, rather than what has been in there, so they are better for long term savings (at least a year) rather than savings that you are going to dip into regularly..

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You could set up a standing order with Barclays for a year and at the end of the year have another think. I did that last year and had a nice lump sum 12 months later, also consider an ISA monthly savings a/c you would not get to pay tax on that.

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