Use your child - best child savings account

Froggitt

Depends......eg how long you want to invest for, whether you want risk free investment or higher returns, whether youre happy to shift the savings every six months or so to rate-tart the best rates.

sylvialebeter

Hi, I opened a Britannia bank account in my name but Re my granddaughter who is 5 months old. There is £10 per month transferred from my A&L account plus other odds put in, is this a good account for interest or could you suggest a better one, many thanks, Sylvia lebeter.

levers

Hi, Martin's article mentions the Yorkshire Building Society's One Day account as one of the best buys. When I look at their website, it is described as a 'regular savings account'. Does this mean I would have to pay in a fixed amount every month so it would be no good if I just wanted to pay in a lump sum and leave it? Does anyone know any more about this account? Thanks

martinman3

It is badly worded, no it is not a "regular savings account", someone should tell them to change their website.

Yes, you can pay in a lump sum and never add any more if you wish.

juliep_2

Hi just checked Martin's recommendations for Childrens savings and the article says the top rates are Chelsea BS and Yorkshire BS at @5.8% yet Moneysuipermarket tells me Nottingham BS is paying 7.5%. Which is right?
juliep

martinman3

Which is right ? :money: of course !

That Nottingham BS account is a regular saver, if you want one of those the Halifax one pays 10%. Some people love them but they work best if the money comes from an adult as an account which supports standing orders is required and I think that the max monthly amount is too small to be worth the trouble.

deefadog

Halifax one pays 10%

Had this one for 2 years now, We just have the child benefit paid directly into it and we make up the rest to £100 a month!

gillbee

I've got a save4it account for my wee boy that.i put £50 a month into. However there is now over £5k in it. I'm in the process of opening one of the 10% accounts in his name but was wondering if i should also withdraw some of the save4it cash and reinvest in NS&I Children's bonus bonds.

chrissiewants2save

My child too has a save 4 it account. At the time of opening I completed a tax form R85.

The statement shows Gross interest and then directly below another transaction of 20%tax deducted.

Why is this- do i need to get Halifax to do something that they have forgotten to do?

Thanks

alnorris

Hi everyone,

Looking to invest £3k each for my two children, but a bit confused about which product is best to choose. Was looking at putting it in an ISA (in mine & hubby's) name, but have been advised that this would be a poor choice for them.

My children are aged 9 & 5 and don't qualify for Child Trust Fund vouchers as they were both born before Sept 02.

Any advice greatly appreciated.

Thanks,

Anne
x