Child Savings Account

kirkie_2 · 28 December 2009 at 12:06PM

I am looking for a good child savings/bank account. I currently use Nationwide smart parentbook.

Is there currently any better out there at the moment?

opinions4u · 28 December 2009 at 12:23PM

Halifax have a 6% Kids Regular Saver.

Moneyfacts lists other kiddie accounts. Rates aren't that clever at the moment and sometimes an older child (e.g. 11+) can access higher rates in a "normal" account! Might be worth posting an amount available to save and the child's age.

Hope that helps. You can certainly beat a rate of 0.75 that Nationwide appear to be paying.

kirkie_2 · 28 December 2009 at 1:26PM

Thanks for that. I have a 10 year old and 5 year old.

10 year old has about £400 and 5 year old about £300.

ses6jwg · 28 December 2009 at 2:19PM

Do you want to save regularly or add to it in dribs and drabs?

kirkie_2 · 28 December 2009 at 2:21PM

ses6jwg wrote: »

Do you want to save regularly or add to it in dribs and drabs?

dribs and drabs

ses6jwg · 28 December 2009 at 5:22PM

kirkie wrote: »

dribs and drabs

Unfortunately instant access childrens accounts are paying terrible interest at the moment, less than 1.5% in most cases.

Your best bet would be to put the current lump sums you have into a 1 or 2 year fixed bond then register it as tax free - youll get between 3.5% and 4.5% depending on length of fix.

Then open a childrens regular saver with Halifax, you'll need to pay in at least £10 up to £100 every month for a year.

kirkie_2 · 28 December 2009 at 5:33PM

We already have some child bonds which we pay into on a monthly basis. We use the other accounts to just put extra cash in when it is birthdays and Xmas etc.

Child Savings Account

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