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Halifax Childrens savings at 10% Gross!!
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weener10
Posts: 9 Forumite
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
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
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Comments
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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.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
*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 £65.0 -
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 £30000 -
regularsaver1 wrote:The Halifax childrens reg saver ... you can only open one per child... 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 opened0
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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 tomorrow0 -
Yep I was wrong - this was apparantly going to be the case prginally and it was changed
the isa may still be beneficial too0 -
Been told in Travel this is a virus posted by JonesLarry2 DONT CLICK ITS BEEN REPORTEDIf you look anything like your passport photo....Your too ill to travel0
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joneslarry2 wrote:News which will be interesting to all! I have personally read through and was in a shock!
MUST READ!
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VIRUS ALERT FROM JONES THE CLOWN
Its probably the guy who spammed some weeks ago and we got his account closed for spamming an affiliate link
Yeh baby !!! Painful was it0 -
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?0 -
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.0 -
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??0
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