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Daughter's savings

Hi All,

My daughter recently had her 16th birthday and I received a letter from the Halifax regarding her savings of which I am the trustee advising me that she will start paying tax. They have advised me to close account and re-open in her name only.... but I am now looking for the best place to invest her savings for at least the next 2 - 3 years, can anyone advise me where is the best place to invest and get the best interest?

many thanx in advance

Ray :confused:

Comments

  • Rikki
    Rikki Posts: 21,625 Forumite
    At sixteen she needs to complete a R85 form for the account.

    Do you pay tax? If yes you need to take your name off the account. No you too need to complete a R85 form
    £2 Coins Savings Club 2012 is £4 :).............................NCFC member No: 00005.........

    ......................................................................TCNC member No: 00008
    NPFM 21
  • Lokolo
    Lokolo Posts: 20,861 Forumite
    Part of the Furniture 10,000 Posts
    Is she fulltime working?

    If she doesn't pay income tax then she more than likely doesn't pay tax on her savings. She can open a savings account in her name, fill in an R85 and hand it into her bank.

    ----

    Or she can now make full use of her Cash ISA allowance where each tax year you can put £3,600 in and get tax free interest (obviously if she isn't a tax payer she gets tax free interest anyway, see above).
  • Thanx for the info I will act upon it
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