Use your child - best child savings account

Sazere

I have been looking on this site but cant find an answer. Is there a child saving account that can be opened online? It's my eldest 6th birthday tomorrow and he has £70 inside his birthday cards from friends/relatives. Normally I use the money and buy things he needs but he really doesnt need anything. So I thought it might be nice for him to have an account he can track himself for birthday money, etc. But I don't have a car and don't live near a town so really need an account that is online. Does anyone know of one for children?

Peanuts

Sazere wrote:

I have been looking on this site but cant find an answer. Is there a child saving account that can be opened online? It's my eldest 6th birthday tomorrow and he has £70 inside his birthday cards from friends/relatives. Normally I use the money and buy things he needs but he really doesnt need anything. So I thought it might be nice for him to have an account he can track himself for birthday money, etc. But I don't have a car and don't live near a town so really need an account that is online. Does anyone know of one for children?

The Alliance & leicester do an online 12% savings account - 12% for a year. Its linked with an application for a current account though I think but might be worth looking at their website anyway

Rats_3

Hi,
Hope someone can help me.

My mother sadly passed away in 2005. In her will she has requested that from her estate all grandchildren should recieve £5000 in trust until they reach the age of 25.
Having recently sold my Mums house I can now invest this money.
I have two children myself aged 4 and a baby of 4 months, and I have a neice who is 18 and a nephew who is 13.
As this money is from my mum is there a way of investing the money for my two children without it getting taxed?
Also if someone would be kind enough to suggest the best accounts based on the grandchildrens ages.

Thanks for your help.

Rats.

Rats_3

Hi sorry,

can anyone help me? Or is this in the wrong thread.


Thanks.

dibble77_2

Can anyone give me any sound advice on the best way to save for school fees.

carlaj

My son was 16 in September, and I didn't understand that this was important for his savings in a tax way.

Apparently all the little savings accounts I had been keeping for him now have to be registered in his name to keep their tax-free status. I was hoping to keep the money well away from him until he is at least 21, I don't want it frittered away on iPods and mobile phones and pizza.

Its particularly irritating for the Halifax Bonus saver account because the bonus is payable in May, and either I lose the bonus by closing the account now, or the bonus is paid but taxed at my rate (40%). If they can write and tell me NOW that I have to close the account, why did they let me continue with the year's regular payments when I obviously couldn't complete the year on that status? All the bank staff could say was 'Well it was in the terms and conditions when you opened the account' - that was 16 years ago!
So here's a warning for all you out there with 15 year-olds - review their accounts NOW before its too late! I'll know for my daughter in a couple of year's time.....

Any suggestions as to the best place to put the money (c. £2000) for a 16-year old where he has minimal access for the next 5 years and where we don't have to pay tax? I appreciate it will probably have to be in his name, but I'd like to tie it up so he can't get hold of it easily.
My tax rate is 40% so I dont want things that are in my name. I also don't want any stock market investments, just a building society acccount or similar with NO capital risk. I've been burnt before on the stock market and this isn't really my money to play with.

sassycat

Hi there all you experts. I am about to become a grandma for the first time in the next few days. My husband and I would like to set up an account for our new grandchild. I'm absolutely clueless as to the rules and regulations. Has anyone out there got any sound advice as to where is the best place to start with modest monthly sums?

agal

There seems to be a lot of people with questions on this thread and not many answers recently.
Would it be silly of me to remind everyone to go to the first post in this thread and follow the link from there to Martin's article on Children's Savings? I think a lot of people will find their qustions have already been answered there.

carlaj

agal wrote:

There seems to be a lot of people with questions on this thread and not many answers recently.
Would it be silly of me to remind everyone to go to the first post in this thread and follow the link from there to Martin's article on Children's Savings? I think a lot of people will find their qustions have already been answered there.

If I had found what I was looking for in the article I wouldn't have posted the question in the first place!
I know there is lots of information out there for babies and younger children, and I've used this in the past when the kids were younger. But I cant find any help for older children who slip between the gap of 'must be over 18' to open many adult account, and 'must be under 16' to open child accounts. Yes there are lots of bank accounts aimed at them, but I want savings money they can't spend too easily.
Anyway (via moneysupermarket.com) I have found a 5-year deposit account with United Trust Bank which a 16-year old can open in his name (6% fixed interest for 5 years, min £500) and then effectively the money is locked away from him for 5 years and still able to do an IR85 tax form for it.

deefadog

My daughter's 10% regular savings just finished with the Halifax and to my amazment when i rang up they said it can continue for the next year and so on!

So I have nearly 3k of her money in the save4it account - 5%ish i think, should i move this somwhere else now and continue with the regular saver? what has everyone else done in the past?

Many thanks