Incorrect info on site

vison

There are a couple of high paying regular savings accounts which can be opened in children's names. This means that, if as is usual, your child doesn't earn enough to pay tax, they're tax free (a full explanation of children's account ax is in the Best Child Savings guide).
The Halifax's Children's Regular Saver pays 10% gross interest fixed for a year, however you can only deposit £10-£100 per month. Any adult can open this in trust for any given child i.e. if Mum, Dad, Uncle Jack, Aunty Jill or even Dave from down the pub, so little Jonny could have five of these 10% AER paying accounts.


I just wanted to point out the above infomation is incorrect as a child is only allowed one regular saver.

Former_MSE_Wendy

hi vison

This info is taken from the Halifax website:

Halifax Childrens Regular Saver

No. 1 savings rate for children
Save between £10 and £100 a month on behalf of a child, and get an amazing 10.00% AER – fixed for a year.

• Open an account in your own name, or jointly with your partner, on behalf of the child under 16 ·
• Have one account per adult, per child (under 16), so for example, each parent, grandparent, friend etc can hold an account for the same child.·
• Save between £10 and £100 each month conveniently by standing order
• Change the amount of the standing order or make extra payments by standing order as often as you like, within the monthly limit of £100

When the year’s up, your savings and interest are swept into another Halifax savings account, which you choose when you open your Halifax Children’s Regular Saver.