We would like to open childrens bank accounts. This is in part to increase our limits under the various guarantee schemes.
We have found that only a limited number of banks offer minor accounts and when they do they offer a low rate.
We also have a problem setting up direct debits to regular saving accounts (which pay a good rate) when we have a mandate on the account (i.e. it is only the parents which can withdraw the money from the account).
Does anybody know of a bank that pays good rates for children accounts ?
Is there any way around the problem of setting up direct debits when there is a mandate on the account ?
We have found that only a limited number of banks offer minor accounts and when they do they offer a low rate.
We also have a problem setting up direct debits to regular saving accounts (which pay a good rate) when we have a mandate on the account (i.e. it is only the parents which can withdraw the money from the account).
Does anybody know of a bank that pays good rates for children accounts ?
Is there any way around the problem of setting up direct debits when there is a mandate on the account ?