£110 to put into child account.

redmel1621

Hi

I am after a bit of advice please. My two children got £150 each for Christmas off of various people, they are aged 6 & 8. I have allowed them to spend £20 each so far and am going to let them keep an additional £20 to spend now, but the rest of it I want to put into an account for them.

I do want to be able to add to it monthly, but need this to be flexible as I might not be able to afford the same amount each month. The youngest has The Child Trust Fund, but as the older one doesn't I was going to keep this money separate, and in the same type of account for them both.

Which account do you recommend? Has anybody got any personal preference that they can share with me.

Mel x

rb10

The Halifax Children's Regular Saver is the obvious one, if you are able to save between £10 and £100 per month, you'll get a fixed interest rate of 8%. You can change the amount you pay in each month.

But if you want more flexibility, some of the best children's accounts are listed at http://www.moneysavingexpert.com/savings/child-savings-tax-free . Clearly some of the highest payers are fairly dependant on you being able to get to one of their branches (don't know if it's possible to apply online for them, or if you'd want to, given that it can be nice for kids to see how their savings are coming on by having a passbook). So of the big banks/bs's, Halifax is generally in the lead with Save4It, and Nationwide's Smart account usually follows close behind.