For those of you with kids.

nightwatchman

Nothing new that Martin has not already mention on his Regular Savings Account advice.

What I am talking about is the Halifax Children Regular Saver which it offers a massive 10%.

You can easily save £500 per month with this baby (as long as you have a baby ;-)

However what I discovered is that the Halifax Regular Saver account is need to have an additional children account which will pay in on maturity.

This account called Save4it and is offering a tax free 5% on deposits up to £5,000.
Is not internet accessible (although you can see the balance) however you can transfer funds to the trustee if need be in the branch.

One year ago I would have not be bothered however today is a different story.

Need to say no more.

baby_boomer

A useful reminder about the Halifax children's regular saver. But it has now been reduced to 8% [still fixed ] on new accounts.

And the Save4it now only pays 2.55% - before any adjustments following yesterday's 0.5% Bank of England rate cut.

The children's account also has an upper savings limit of £100 pm, not £500. You may have been confusing this with the adult Halifax 10% Regular Saver which was £500pm and no longer exists .

BTW for those of you with kids in the West Midlands - you may need to look further afield than your local building society. Current rates are not the best on the market i.e.

Britannia 1.75%
Coventry BS 1.7%
Tipton & Coseley 1.65%
Birmingham Midshires 1.17%
West Bromwich BS 0.5%

nightwatchman

Yes the limit is £100 pm.

However is £100 from me, £100 from my OH, 2x£100 form my MIL & FIL and £100 from my best friend (not sure if I can get some more people)

It’s sad though that the rate has gone down to 8% and 2.55 for the Save4it. I have to admit that I did not knew that.

baby_boomer

I wish I had a friend who was prepared to give my kids £1200 pa !

nightwatchman

You have misunderstand me none of those people “gives” anything (…..mumbles …..tight sods ).


They only coming with me in the branch and they start the account then I ask of the clerk to arrange the DD off my account

baby_boomer

I'm sure some sort of fraud is being suggested here - and leaving a paper trail to boot!

Even if you are successful then the Revenue would have evidence to show that you gave your child the money - and so they could tax the interest at your top rate of tax since it would amount to more than £100 pa interest if you funded more than 2 sets of contributions.

Sorry. I'm not trying to be difficult

I'm pretty sure that Halifax will require the money to come from your friend's account anyway.