Childrens bank account...help?!?

Question

Im currently trying to pick a bank account to open for my daughter (aged 15). I've looked at HSBC MyMoney and Natwest Adapt so far. What do people think of these accounts? Has anyone had any experience with them? Are there any other good young persons bank accounts and why are they good?

I just don't know who to chose!?!

Any advice appreciated =)

Answer 1

Hi, there are several electronic on-line savings accounts that are pretty much the same.  Most are offering a teaser rate of 3.5% or even higher but, they can adjust that as time goes on usually sooner then you expect.  We opened a INGDirect account for our son recently and it was a very fast and painless process.  You do need to have another bank account for facilitating money transfers because all money is handled electronically via ACH (Automated Clearing House) otherwise know as EFT.    HSBC seems to have a similar sign-up process to INGDirect but, is a little more difficult.  CapitalOne also has the same thing.  

I do recommend that you choose one of this high yield savings accounts they pay 10-20 times what a local bank savings account does which amounts to negative returns considering inflation.