Halifax 10% for Children

GrumpyOldMan_2

We currently have around £1200 paying 5.5% (Gross) in a savings account for our daughter which does not allow standing orders.

I would like to take up the idea suggested by Martin of drip feeding money into Halifax's Child's Regular Saver (currently paying 10% gross). Can anyone recommend an account that allows standing orders & pays a decent rate?

Even taking into account the 10% on offer, it seems odd to take the money from an account paying 5.5% gross and sticking it into a current account paying a lousy rate in order to drip feed it into the Halifax account.

Any suggestions would be much appreciated.

grumbler

Halifax Web Saver 4.65%. Yes, Standing Orders to other Halifax accounts (and Direct Debits) are available for this account! I am not 100% sure, that it will work for Childrens RS account:

How do I pay into/fund the account?
You need to make a minimum of 12 consecutive monthly deposits (between £10 and £100) by standing order through a Current Account held with Halifax/Bank of Scotland or another provider.

but I think it will work.

Cahoot current account 4%.

I use combination of Nationwide current (flex-) account and e-savings account (4.75%), although this involves manual online transfers from e-saveings to current account every month.

Blue_Toby

Yeah it MUST be fed from a current account only, which was the problem we had with it, as we didn't want to but a large amount in a current account and lose interest on it, particularly the average balance over the year in the Halifax Regular Saver can be a maximum of £600 and that's what they'll pay the interest on.

We've gone for a bond,

GrumpyOldMan_2

Cheers Grumbler!

I also hold e-savings with Nationwide, so I think that I will go with your idea. It is a bit of a pain having to shift the money from e-savings to nationwide current account but I already have to do this once a month for other bits and bobs - so will add this to my list of end of month money shifting!