Use your child - best child savings account

rb10

KJF1 wrote: »

I applied for the 8% Halifax childrens saver at the start of April.

Got the paperwork through today, interest rate's now 6%.

I may have words when I take in my proof of ID tomorrow.

See the T&Cs, they clearly say that the interest rate is fixed on the date you first fund the account, so if you choose to wait before funding it, you do run the risk of getting a lower rate (or, for that matter, a higher rate) than you initially expected to get.

powned

interesting thread, would never have thought of this

louby77_2

I have got twins and i have got a regular saver for both by me and dad, a save 4 it by me and dad and also put £500 a month into a collective investment plan (group c?) all at the Halifax. Is this the best option for me to do? I get £ 440 ish a month DLA for each and want to invest it for their future are there any other options? I stopped paying into the child trust fund as it was losing money. cheers, Louby77

Sponge

I opened up a 10% regular saver for each of my two children last year. The first account 'matured' and the money moved into the save4it account last month (2nd due this month). I've kept the standing order active, with the same account details. I can't remember what the paperwork says - has the high interest rate, regular saver account closed and the standing order is now going into the crappier save4it account? Or is it now going into a brand new, 12 month, regular saver account at whatever the interest rate was at the time? I believe 8%. (I'd check the paperwork, but I found this thread whilst here at work and got wondering.)

I think I've answered my own question. From their website:

Maturity - after 12 months your savings and interest are simply transferred into a nominated savings account ( you'll be asked to open the nominated savings account at the same time as opening the Children's Regular Saver). You can continue to save in the Children's Regular Saver, at the rate of interest applicable at that time

rb10

Sponge wrote: »

I opened up a 10% regular saver for each of my two children last year. The first account 'matured' and the money moved into the save4it account last month (2nd due this month). I've kept the standing order active, with the same account details. Has the high interest rate, regular saver account closed and the standing order is now going into the crappier save4it account? Or is it now going into a brand new, 12 month, regular saver account at whatever the interest rate was at the time? (I believe 8%.)

It's going into the same regular saver, which will have it's rate fixed at whatever the interest rate was on the anniversary of when you first paid into the account.

All that happens on maturity is that the balance + interest is transferred into the Save 4 It, and the interest rate is changed. The account details all stay the same.

pg94boat

My child has £9,800 in a childes building society account, and I wondered if this is the best place for to leave it, or has anyone got any advice on what account would be best to leave it for the next 5 years

2true

I am confused about saving for my baby. I want to open a savings account with a small amount of her money from gifts and i also want to save a larger lump sum for her - longer term saving ( approx. a few thousand). How much can be saved without being taxed? How much can I add to them each year and still not be taxed?

Desperate_Housewife_2-2

rb10 wrote: »

See the T&Cs, they clearly say that the interest rate is fixed on the date you first fund the account, so if you choose to wait before funding it, you do run the risk of getting a lower rate (or, for that matter, a higher rate) than you initially expected to get.

I opened another one of these for DDs in OHs name, int rate was 8% when I applied and got paperwork through today it says 6%, does anyone know what date they dropped the rate?

Mikeyorks

Not definitive ...... but this bit from their Savings Interest Rates table suggests 20th April :-

Halifax Children's Regular Saver
UK annual rates: Rates of interest are subject to change but are correct as at 20th April 2009

MeGrumps

I am the trustee of a children's savings account which I opened for my grandson. Might contributions paid into it by his mother be counted as taxable income against me (note: she happens to also be paying me rent under the rent-a-room scheme)?