Use your child - best child savings account

Froggitt

Yup. Only put in £4,800 and take junior for a fantastic day out in London. Or you may be able to use the Child Trust Fund for the remainer.

scottie49

Thanks for your quick and helpful reply.

I will need to think again then, perhaps I will look at the Child Trust Fund for the remainder.

Froggitt

I dont know the rules of the CTF and whether it counts towards the £100. Maybe put it in an ISA in your name that you know is the childs money.

ghw_2

can i transfer my grandchildrens accounts to a higher interest earning account. the bs they are with now tells me they cannot.

Froggitt

depends on who is named on the account. if you, then yes. if not then no.

silvermum

Can anyone help with this please?

My children (aged 10 and 8) each have about £10K in a children's saving account - currently earning a paltry amount.

We want to transfer it into a better rate account, but then drip feed about £300 - £500 per month over the next 18months into stock market index funds.

Problem is I can't seem to find any children's accounts which can be operated online, or from which I can set up a regular monthly transfer?

I really don't want to be having to go to a branch or make monthly postal withdrawals by cheque?

Any advice?

auntyl

I am an Aunty and I would like to set up a trust fund for my niece and nephews. Their are of varying ages 2, 10, 12 and I would like to deposit money on Birthdays, Easter and Christmas and put the money in trust until they are 18. I am finding it quite hard to find a suitable savings account. Please can you suggest any with a high interest thanks auntyl

Reaper

There aren't any that pay high interest. Have you read the article this thread is about? If not go to the first post and click on the link for a list of accounts. You will have to exclude all the Regular Savers and Fixed Term accounts and stick with Easy Access for what you want and I'm afraid they don't pay very well.

geordie_ben

Is the highest child savings account still 6% with Halifax? I could have sworn I saw something recently about an account paying 6-8% with a max of £250 a month, but cant remember who.... Also, about this '£100 interest' I've been reading about, does this mean one child can only earn £100 in interest in one year? Or is it a limit of £100 per account?

Froggitt

First Direct regular saver. 8%.

Each child can earn £100 in interest per parent per year.