Setting Up A Bank Account For A Baby Uk

In order to open a bank account in the uk you will need two forms of documentation. Some banks offer one account for children and another for teenagers for example. You re ready to open a bank account for baby.

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Children over seven can operate their savings account themselves depending on the account they can take money out and pay it in.

Setting up a bank account for a baby uk. Paperwork to get a social security number for a baby can be completed at the hospital when the baby is born or with a trip to the local social security office afterward. There are also tax efficient accounts called junior isas more about them later. Many banks let you set up an account with as little as 1. The first document required will be proof of identification.

Although each bank has its own set of rules and regulations about opening an account having a social security number will most likely be necessary so it s best to have this information ready. You have to be at least 11 years old to open your own bank account and some accounts have a higher minimum age like 16. Much like adult isas you can get both cash and stocks and shares isas. An account for children aged 11 to 15 an account with more features for teenagers aged 16 to 19.

Whether it s a passport a driver s license or an eu identity card some form of state recognised identification is essential for opening a uk bank account. The total amount that parents friends and family can save into either one or both accounts is 3 840 per tax year until 1 july 2014 at which point it rises to 4 000. You will usually need to have your child s birth certificate and his or her social security card as well as your state issued photo identification card and social security card. Another way you can save money for your baby is by setting him up with a junior isa.

Most financial institutions will now allow you to fill out an application online for a baby bank account but you may have to complete the process in person so a banker can validate you and your baby s identities. You can open a savings account with just 1 for any child aged up to 18.