children's savings account

mrseyes · 27 March 2006 at 12:54PM

Virgin of offering SBT £5000, 0.9% (£35 handling fee) for 6 mnths

i am thinking of moving that money into my child's (age 14) saving account earning 4.76% tax free.

how much in total i would make after paying back Virgin.

and do you think this is a good move for me.

thanks

grumbler · 27 March 2006 at 2:19PM

mrseyes wrote:

Virgin of offering SBT £5000, 0.9% (£35 handling fee) for 6 mnths ... i am thinking of moving that money into my child's (age 14) saving account earning 4.76% tax free. ...how much in total i would make after paying back Virgin.

http://www.whatsthecost.com/stoozing.aspx:
£181.56 - £35=£146.56

and do you think this is a good move for me.

I don't think so because:

1. this looks like tax evasion

2. children cannot earn more than £100 interest p.a. tax-free on money given by each parent (Use your child - best child savings account , particularly posts #78-79). However, if you are not afraid of (1) you can pretend that the money is given by both parents; in this case the limit is £200.

allIcouldwishfor · 27 March 2006 at 7:51PM

mrseyes wrote:

Virgin of offering SBT £5000, 0.9% (£35 handling fee) for 6 mnths

i am thinking of moving that money into my child's (age 14) saving account earning 4.76% tax free.

how much in total i would make after paying back Virgin.

and do you think this is a good move for me.

thanks

Hope your child doesn't have access to the account!! :eek: £5k would buy an awful lot of playstation games!!! :rotfl: :rotfl: :rotfl:

I've done similar with my kids accounts, £3k in each at 5%, but they're only aged 4 and 2 so not much danger of them siphoning the money off to spend in the Early Learning Centre!!!!

children's savings account

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