Here are some questions you might want to ask your chosen provider before you open an account:
- Can I manage the account by phone or online or will I need to come into the branch?
- Is there a minimum amount that has to be paid in each time someone contributes to the account?
- How can other people pay into the account?
- Will I be sent regular statements to show how much money is in the account or can I check the value of the account myself from time to time?
- Can I see the policy on social, ethical and environmental investments for this account?
- Is there an annual fee for this account and, if so, how much will I be charged for every £100 in the account?
- How will my child’s money grow in this account?
- Who can I talk to if I have concerns about the account once it is opened?
If you open an account that invests in shares, here are some questions to ask:
- Where can I get more information about the companies in which the money is invested?
- By how much could the account drop in value, and is there any possibility I could lose all the money in it?
- Is there a way to limit the amount of loss so that I don’t lose all the money in my child’s account if the investments do badly?
If you open a savings account, here are some questions to ask:
- Is this interest rate fixed for a certain length of time and what happens after that?
- How can I guarantee that I'm always getting the best interest rate for my account?
