Halifax Childrens savings at 10% Gross!!

weener10

As my Isa's are full for this tax year and the next I need to invest some money elsewhere and as I have a child under the age of 16 it looks like the best way could be through the Halifax as there offering 10% gross interest for the first year (of a saving between 10 - £100).

I'm looking to save £250 per month so if I read this correctly I can save £100 under my name and £100 under my wife's.
Then all i have to do is find somewhere else to save the other £50.

This does seem to be a pain in the !!!!!! way to save but if you want the best interst rate i supose this is the way to go??.

If have been saving with the HSBC Reg saver for the last year with the interest rate at 8 % gross but I see thats not rated hightly on this site, so will be interested to see how much interest I wil actually earn next month.

I anyone has any othet ideas where to invest £250 per month, but no in Isa's, I would be very interested......

Thanks

grumbler

weener10 wrote:

I'm looking to save £250 per month so if I read this correctly I can save £100 under my name and £100 under my wife's.

Yes, but AFAIK your son can have only £100 interest tax-free in this case*: Best Child Savings (and use your child for a sneaky tax free allowance)

If have been saving with the HSBC Reg saver for the last year with the interest rate at 8 % gross but I see thats not rated hightly on this site

Only because you must have a current account with HSBC to have access to this account. It is good if you have a current account. Another 10% regular saver is offered by A&L - only if you apply for their current account. Also there are some rumours about New Barclays regular saver.

*EDIT: The £100 rule applies separately to each parent, so I think it is OK to have two accounts because each will earn interest about £65.

regularsaver1

The Halifax childrens reg saver you say you want to open one in your name and one in your wife's - but you can only open one per child meaning that this would not be possible.

The adults one is 7% £250 per month. one per adult

Have you done your full £7000 in isa's or just the £3000

grumbler

regularsaver1 wrote:

The Halifax childrens reg saver ... you can only open one per child

This is incorrect.

... any adult can open 1 account in trust for any given child i.e. If Mum, Dad, Uncle Jack, Aunty Jill and Dave from down the pub all want to open an account in trust for little Tommy, then 5 of these 10% paying accounts can be opened

(Martin, the article quoted above)

regularsaver1

I was told this as where i work

the reg saver must have same names as the nominated account

maybe i'll check with savings operations tomorrow

regularsaver1

Yep I was wrong - this was apparantly going to be the case prginally and it was changed

the isa may still be beneficial too

saveapenny

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Deemy

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Yeh baby !!! Painful was it

weener10

Yes, but AFAIK your son can have only £100 interest tax-free in this case*: Best Child Savings (and use your child for a sneaky tax free allowance)

Hi Grumbler

Thanks for your responce, Regarding your above quote, Does this mean I can only have £100 tax free per account or just per child.....e.g. If I open 2 accounts under 2 seperate names and pay the max of £100 into each, will BOTH of the £100's be tax free or only 1?

ReportInvestor

It's the annual income, not the savings capital, that is subject to the £100 tax free limit.

The limit applies to the total income of gifts to one child from one parent, irrespective of the number of accounts involved.

use your child for a sneaky tax free allowance

No-one here's discussing defrauding the Revenue, I'm sure. If they were it would obviously break site rules.

weener10

So, opening a account for my wife and myself and investing £100 in each looks like the best way to save if your after high interest??