Use your child - best child savings account

eskbanker

Emilybutt12 wrote: »

May I ask why you have to be so rude? Do you enjoy being nasty and condescending? I have been polite and courteous throughout.

Can't say I've seen any rudeness, nastiness or condescension myself, but it's in the eye of the beholder I suppose - I was asking a genuine question about whether your research had unearthed something good, but once it became clear that your post was misleading and inaccurate, and based on outdated research, you seem to have taken exception to being called out on that for some reason.

Emilybutt12 wrote: »

As a parent we want the best for our child's money, so to look at lots of different options, and I was providing alternatives to the one sided JISA. These alternatives can still be used in the long term to get the best return.

No problem with alternatives being put forward, but when they're misrepresented with factual inaccuracies then it's worth correcting these for the benefit of other posters who may have believed what you'd erroneously posted about the mythical "plenty of high street banks/ building societies which have much better rates of interest" on non-regular savers.

Emilybutt12

I found your tone to be rude, not what you were saying.

You were the one who asked for non-regular saving accounts, I did not say that the higher paying interest accounts were non- regular saving. So I've not provided any factual inaccuracies or erroneous details. It is how you've interpreted what I've written, as you said it is in the eye of a beholder.

By placing money in a JISA it is locked away until the child is 18, that is a long time where interest rates can fluctuate for all savings.

As I said I was providing an alternative to the one sided JISA so that the poster is able to look at all options available, the pros and cons of these and then make a decision.

eskbanker

Emilybutt12 wrote: »

I did not say that the higher paying interest accounts were non- regular saving. So I've not provided any factual inaccuracies or erroneous details.

Look again at my post #768, quoting the relevant sections of your post, where you claim the existence of many higher interest accounts before stating that the other way there are regular savers, i.e. clearly distinguishing between the two.

Emilybutt12 wrote: »

By placing money in a JISA it is locked away until the child is 18, that is a long time where interest rates can fluctuate for all savings.

Indeed, which is why I was originally suggesting that investment should be considered rather than sticking to cash, although obviously JISAs can be transferred around to chase better rates in the same way that taxable cash accounts can.

Emilybutt12 wrote: »

As I said I was providing an alternative to the one sided JISA so that the poster is able to look at all options available, the pros and cons of these and then make a decision.

Don't get me wrong, I'm not blindly promoting JISAs and agree that all realistic options should be considered, but they should be compared in an accurate way, based on current data.

JoP1

I pay £100/month into three Halifax Kid's Monthly Savings accounts (4.5% int) for my 3 grandchildren & then transfer their savings annually into their individual stock market trust funds with St. James's Place.
My eldest grandchild is 17 this month and Halifax don't allow children over 17 to continue with a Monthly Saver. I wish to continue saving for him, and the other 2 when they reach 17, until they're c.25 years old (they're unaware the trust funds exist).
Suggestions would be welcome for the best way to do this.

xylophone

their individual stock market trust funds with St. James's Place.

Are these "bare trusts"?

AnotherJoe

xylophone wrote: »

Are these "bare trusts"?

No they are "rip offs".


( IMNSHO of course)

xylophone

No they are "rip offs".

Strip Poker?:)

JoP1

No, they're proper Unit Trusts.

I'm just seeking ideas on the best way to continue £100/month regular savings for a child once they've reached 17 years. I have to save up sufficient money in each account to meet the minimum £1000 amount allowed by St. James's Place to add to each child's unit trust in one transaction.

xylophone

No, they're proper Unit Trusts.

That wasn't the question.

You were holding the Halifax accounts in bare trust for your grandchildren.

I pay £100/month into three Halifax Kid's Monthly Savings accounts (4.5% int) for my 3 grandchildren

This means that the children were the beneficial owners of the money in the accounts and as it had not been given by a parent, the interest payable was not subject to the "£100 rule".

It seems that you are withdrawing the children's money annually and using it to buy units in certain funds.

Since the money in the accounts belonged beneficially to each child, any account into which it was transferred should also have been beneficially owned by each child.

Are you holding these investments in the name of each child as a trustee?

If so, you should be aware that the beneficiary of a bare trust has the absolute legal right to access and control at the age of 18 (16 in Scotland).

JoP1

Thanks for that info, which is very useful to read and which I was aware of, but I don't have a problem with that aspect in my case.
Any advice on the question I asked would be most welcome.