Savings Account For A Child

[zingo1327]

We want to set up a savings account for each of  our 4 (under 5 years old)great grandchildren, and only payable to them when they become 16 years old. What do you call this type of account and what do we need to set it up, using a high street bank. thank you in advance

[barry1010]

It can be a complicated topic with lots of options but here is a straightforward guide from Lloyds

https://www.natwest.com/kids-and-teens-banking/childrens-guides/saving-for-grandchildren.html#:~:text=If%20you%20want%20to%20save,for%20a%20child%20under%2016.

[bednobs]

or natwest even :)

[barry1010]

Correction noted 😃 

[bednobs]

i suppose it matters becausr uou have to have an account with them yourself

[barry1010]

Most high street banks will offer similar.

A government guide

https://www.gov.uk/child-trust-funds

[barry1010]

We buy premium bonds for our under 18s. The parents have to agree

 It's an easy way to do it and winnings are reinvested

[Buenchico]

This might be helpful:
https://www.moneysavingexpert.com/savings/child-savings-tax-free/