SAvings in son's name for Uni

Mikeyorks

sarahs999 wrote: »

I talked to the Halifax, where his account is at the moment, and they were keen for me to put it into an ISA too, so I guess that's what I should do. Presumably though they won't necessarily have the best deal, and also, that will only work up to £3000, is that right?

To state the obvious (hopefully) the ISA has to be in your name / OH. But you can put up to £3600 into a Cash ISA up to 5th Apr 09 ...... and then £3600 per year thereafter.

ISA rates are a bit pathetic at the moment .... but will improve. You should consider putting any lump sum into the ISA now. But then aggregating future savings via the Halifax Childrens Regular Saver (8%) .... then dropping them into the ISA at year end.
http://www.halifax.co.uk/savings/childregularsaver.asp

sarahs999

We had the regular saver thing but they closed it down cos I was too slow to set up a regular order. Doh. Maybe they'll let me open another one.

I realise the isa has to be in my name. That's why I'dkeep the Save4it open, to pay hisbirthday cheques etc in.

rb10

sarahs999 wrote: »

We had the regular saver thing but they closed it down cos I was too slow to set up a regular order. Doh. Maybe they'll let me open another one.

Yes, as long as the previous one has been closed you will be able to open a new one. You can have one regular saver at a time with any single title.

So, for example, you can have one in the name of 'Mrs Sarahs999 trustee for your son', one in the name of 'Mr Sarahs999 trustee for your son', one in the name of 'Granny Sarahs999 trustee for your son', ... and so on.

Robert_Sterling_3

jem16 wrote: »

I think there is something to be said of the Scottish system where most go to the local university and stay at home.

Excellent.

jem16

Lokolo wrote: »

Its free tuition.....

It is now.

However up until last year each graduate had to pay a graduate endowment which amounted to approximately half of their fees. So with fees of approx £1200pa my elder son had to pay back approx £2100 when he graudated in 2006. My younger son (courtesy of the SNP coming to power) has no graduate endowment to pay as it was abolished.

However my main point was that traditionally Scottish students went to their local university and stayed at home so had no accomodation costs to find and pay for. Most English people I have talked to (including my late husband) seemed to think it gave them independence and a taste of real life. However perhaps at 18 some are not quite ready for all that freedom and of course nowadays all that debt.

Both my sons left university with no debt at all and that was not because they had a rich mother to pay their way either. I paid for their running costs like travel, books and obvioulsy living costs at home but they took on a part time job for anything else.

Lokolo

I have learnt SO much since moving to university. I've learnt about bills (loads about gas and elec and how utility bills work), how to wash up properly, do my washing for clothes, shopping, budgetting.

Although it is an expensive way to learn!