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Daughter's savings

devilredray
Posts: 2 Newbie
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
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

0
Comments
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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 210 -
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.
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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).0 -
Thanx for the info I will act upon it0
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