Use your child - best child savings account

mbailey

paul2louise wrote: »

I am off to Halifax tomorrow to close the acc and move the money into the Lloyds savings acc. You can vary how much you pay in and relatives can make payments too. Seems a much more flexible account than Halifax. I didn't even need to sit for an appointment, just picked up a app form and dropped it back into branch with some ID. So much easier than wrestling with a toddler during an appointment.

The downside with the childrens Lloyds account is you need to have a Current Account with them as well as far as I can see?

mbailey

As discussed earlier in the year in this thread, there are many people trapped in CTF's and can't use the new JISA's.

Hargreaves and Landsdown are trying to petition the Treasury to allow CTF's to change to JISA's. Please sign the petition below to help the cause.

https://www.hl.co.uk/investment-services/junior-isa/ctf-transfers-to-junior-isas

djdust

Hi all

New at this so please be gentle with me.

I want to save some money up for my niece and so had a look at all the options on the Child Savings page on this site (it won't let me put the link on here).

It seems that the Halifax Regular Saver 6% AER is by far the best one to go far but, does anyone know what happens if you put in more than £100 per month? Do they just only pay interest on the £100 and nothing more? I can't see any small print on the Halifax site...

Reaper

djdust wrote: »

It seems that the Halifax Regular Saver 6% AER is by far the best one to go far but, does anyone know what happens if you put in more than £100 per month? Do they just only pay interest on the £100 and nothing more? I can't see any small print on the Halifax site...

Being a branch operated account the full Terms & Conditions are probably supplied when you open the account, but generally on these type of accounts you should expect them not to pay any interest on the extra and they may even send it back.

However as they say you must send the money by standing order you are not likely to overpay accidentally.

bonnerbob

I wonder if anybodys got any ideas for whats best with what i want to do.


My baby is one next week and i want to open up a long term savings scheme that i put £100 in every month and i wont touch it for 17 years.


Am i best off just putting it in a junior isa account or is there anything better where it benefits the cash locked in?


Any names of saving schemes anyone? or should i just pick a junior isa acount from martins article.


thanks in advance


bonnerbob

xylophone

From the point of view of tax, you are wiser to save in a tax exempt scheme like the JISA- otherwise, there is the "£100 rule" to consider. http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingMoney/PlanningYourPersonalFinances/DG_10013916
If you are saving into a cash JISA see details of the Halifax offering - details http://www.moneysavingexpert.com/savings/junior-isa "Massive boost for Halifax ISA customers"
You could also consider stocks and shares or a combination - full details in gov. link.

re-ticket

My son is 16months old now and I want to start saving for him. My wife already has a Halifax ISA so the Halifax Junior Cash ISA (6% interest) seems the best option. The blurb online says rate correct as of Feb 2012, anybody know if its still the same rate?Any other drawbacks with me investing in this account?

xylophone

https://www.gov.uk/junior-individual-savings-accounts/overview
Might be of interest re management.
With regard to the rate, your wife can always check in branch before opening?
( I seem to remember that you need to make an appointment and then open in branch.)

Mickc

Hello Folks.

Newbie & 1st Post!

Really disappointed to find that the Halifax 6% Kids regular saver a/c isn't available North of the Border in Scotland as there are no longer any Halifax Branches up here. Halifax have confirmed that it's not possible to open the account at any of the other LBG brands. This is despte the fact that you can service (i.e. depoit and withdraw funds) the account at Bank Of Scotland Branches. :mad:

Anyone have any pointers on the top deals that are available to all of the UK?

Cheers
Mick

xylophone

The Kids' Regular saver isn't the same as the Halifax JISA with relationship interest but I guess the same problem (no branch) would still exist.

If you are looking for a JISA http://www.moneysavingexpert.com/savings/junior-isa
otherwise http://www.moneysavingexpert.com/savings/child-savings-tax-free

Remember the £100 rule if saving for your child outside ISA/tax privileged accounts. http://www.hmrc.gov.uk/tdsi/children.htm