Halifax regular saver for kids 8%

missm29

Looking to save £20 per a month, so next xmas isn't such a struggle and it just popped into my head to open the halifax regular saver for kids as it pays 8% aer, how bad would this be? how would the bank know? my kids are 2 and 5yrs, technically the money saved is to buy them their xmas pressies, the eldest has a long wish list so i figure i better get organised as they get more demanding the older they get. Looking through the terms it says to withdraw the money you would need to close the account, which is fine, need to find out if i would get the cash over the counter? It says if the account earns more than £100 in interest then the money would count as mine and would be taxable. Do other parents do this?

YorkshireBoy

missm29 wrote: »

Looking through the terms it says to withdraw the money you would need to close the account, which is fine...

Is it? You're losing out on the interest rate applicable if you close early. Have you read the T&C's in depth?...

http://www.halifax.co.uk/savings/forms/generic_sav_app/forms/pdfs/1_336203-7.pdf (page 9)

need to find out if i would get the cash over the counter?

The accompanying Save4it account can be operated with a passbook, so yes.