Use your child - best child savings account

Gambler

I'd like to open a regular saver for my son. He also has some gift money which I want tp put into an account.

As save4it offers good rates can I open a save4it and a regular saver at the same time?


Thanks

deefadog

As save4it offers good rates can I open a save4it and a regular saver at the same time?

Yes i did, no problem there!

grumbler

And even more: when you open the children regular saver you must chose nominated account where money is transfered to when the regular saver matures. Usually they suggest to open save4it for this purpose. Don't forget to register both accounts to receive interest gross, but be aware of £100 limit on tax-free interest (see this thread above).

$17mma

If my children earn over £100 interest and the money is donated by grandparents into both save4it and Reg Sav's will they/we stil get taxed? I am in the process of ensuring that my parents have completed the R85 forms for both reg savs and Sav4it's, if not they will be completed this week.

Hereward

$17mma wrote:

If my children earn over £100 interest and the money is donated by grandparents into both save4it and Reg Sav's will they/we stil get taxed? I am in the process of ensuring that my parents have completed the R85 forms for both reg savs and Sav4it's, if not they will be completed this week.

The short answer is no as the money used to accure the interest was a gift from somebody who is not a parent of the child(ren).

Sam1903

HELP my daughter has in excess of 7k in Halifax monthly saver
she is 8her last int was £162 plus £166 bonus int for no withdrawals

Do i need to tell the tax man !!!!!!!!!!!!!!!!
The money consists of Child benefit since birth and some money from granparents (though not a great deal)

We have an Isa also which we put money into on her behalf which is obviously in our names

Does the tax man need to be told I think it is very unfair that she saves rather than spends her money (she wants to buy a red mini when she is 17!!!!!!!!)

Any help or advice gratefully accepted

Mum_of_5_2

I have 5 children, ranging from 16, 14, 12, 2 1/2 and 7 months! I'm getting more than a little concerned about the 16 year olds entry to uni in a couple to 3 years time. We have decided to attempt to save her EMA at £30 a week and her earnings at £90 a month to help pay for uni. While i support her now. I had had the thought of putting it in an account in one of the babies names, number one for interest and number two as it then (i presume) wouldn't account for our income when we apply for any grants/burseries etc. i'm really not sure how we are going to afford uni as we scrimp and save as it is.

i've read the articles but am a bit confused and wondered if anyone could simplify it a little. i'm normally good with money, but have little time to trace and read the small print of all the accounts. Any suggestions anyone please?

Thanks

ReportInvestor

Hi Mo5 and welcome to the site .

The 16 year old, like you, still has a tax free income allowance of around £5,000 pa so she can continue to save tax free unless her part-time earnings breach that limit.

At 16 she can also open a tax free ISA - no particular advantage in doing this if the money saved is going to be spent before she leaves uni (which it obviously is).

You should get your eldest daugher to put her £90pm into the Ipswich BS Target Saver @ 8.25% gross. She gets the interest tax free and £90 pm is the minimum investment.

If Ipswich BS merges with another BS in the meantime, you will earn her thanks for a windfall - even if she doesn't thank you now .

For the other children, you can save up to £100pm tax free in the Halifax children's regular saver @ 10% and this can't be beaten. It lasts for 12 months.

On the off chance that you've got any caring relatives / other concerned adults, they can also open this Halifax account on behalf of your children.

Mum_of_5_2

Thanks for that i assumed that as an under 18 she wouldn't be eligible for anything other than the basic bank account she has. If she has savings when she enters university would that count against her getting hardship funds etc to help with fees. That was one reason i was thinking of saving it in her baby brothers account?!

Also while i'm here is there a page that tells you how the site works as i've struggled to find this posting again. Can you save them somehow?

Thanks a lot!

ReportInvestor

You could have used the advance search facility.

By poster e.g. ReportInvestor and/or subject e.g. children's accounts.

Search facility is half way up towards the right on my screen.

If you want to save a particular post - rather than a developing thread then why not just cut and paste it into a word document?

Or in the Control Panel (User CP) in "edit options" you can choose to get e-mail notification of replies to threads you have contributed to.