Use your child - best child savings account

paul2louise

Hello.
I have a halifax reg saver for my DS (9month old) which, I pay a bit in each month. My mum want to give or invest 5K for my DS but I need to be careful about tax. Is it best that I open an ISA or another account or can she open an account or ISA for him for use when he gets to 18 years old. Sorry if these questions have already been asked but i wasnt sure as to the status of junior ISAs.

thanks

Froggitt

Your mum can give as much as she wants upto maybe £100k without worrying about tax. May as well make it a JISA.

paul2louise

Froggitt wrote: »

Your mum can give as much as she wants upto maybe £100k without worrying about tax. May as well make it a JISA.

i thought u had to be careful proving to tax man that it isnt your own money, can granparents open isa for their granchildren or does have to be a parent

greenface

only the parent can open a isa for the child not grandparents/friends/etc

Potts

Hello folks, I'd like a bit of advice if anybody's had this problem before.

I'd like to open an account for my little lad (he's 2) to pay in some money that he's been given and also to regularly pay in, say £20 a month.

However, I don't want him to get his grubby teenage mitts on it until I say. Possibly even until he's 18 or even older. Are there any accounts or ways of saving that would give me that kind of control? (apologies if this seems a bit control freakish!)

I'm also quite happy to put it in and forget about it. I'm not too worried about the tax issues either.

Any help or advice would be greatly appreciated.
Richard

Froggitt

Harpenden Building Society have an account where they cant touch it till 18. Rates are not too shabby either.....not the best but OK considering you cant move it elsewhere. My kids both have an account there for birthday money etc.

Potts

Thank you Froggitt! I'll give these guys a look.

Richard

Froggitt wrote: »

Harpenden Building Society have an account where they cant touch it till 18. Rates are not too shabby either.....not the best but OK considering you cant move it elsewhere. My kids both have an account there for birthday money etc.

xylophone

Potts wrote: »

Hello folks, I'd like a bit of advice if anybody's had this problem before.

I'd like to open an account for my little lad (he's 2) to pay in some money that he's been given and also to regularly pay in, say £20 a month.

However, I don't want him to get his grubby teenage mitts on it until I say. Possibly even until he's 18 or even older. Are there any accounts or ways of saving that would give me that kind of control? (apologies if this seems a bit control freakish!)

I'm also quite happy to put it in and forget about it. I'm not too worried about the tax issues either.

Any help or advice would be greatly appreciated.
Richard

See http://www.hmrc.gov.uk/tdsi/children.htm re difference between tax treatment of parental gifts to children and gifts from other people and what happens when a child turns 16.

sp1946

Does anyone have any idea what is happening?
I have had Halifax regular savers for my 3 young grandchildren for a number of years. On the anniversary of the date they were opened the money has been transferred to their Save4it accounts. The monthly standing order continues to be paid into the Regular Saver A/c's until the next anniversary, etc. Two of the accounts are just about to reach the anniversary date again but this time I have been told that the money will be paid into Bank of Scotland Young Saver accounts, accounts which will have the same sort code & account numbers as the current Regular Saver accounts. Any standing orders already set up to pay into the Regular Savers will automatically go into the Young Saver accounts. The problem is that the Halifax Regular Saver is paying 6% but the Young Saver is paying 2%. My Halifax Regular Saver acounts will no longer exist &, since I live in Scotland, I would need to go into a Halifax Branch to open new Halifax Regular Savings accounts. My nearest Halifax branch is about 130 miles away! I cannot understand why this is happening nor if it would be treated differently if I had a home address in England. Any help/explanation will be gratefully received.
:mad::mad::mad:

Anon

We have had regular savers set up and for the past couple of years they seemed to simply renew at the same rate. This year they have converted to Young Saver at 2% and now I have the hassle of having to go into town to set new ones up, even though they have all the children's details on file. A complete pain!

Anon