Child Savings

looklauren

I'm very new to saving so just need to check something.

My son's Halifax Regular Saver has now matured and been transferred to a savings account with a much lower interest rate. Is there anything to stop me withdrawing the money and putting it back into the Regular Saver? I'm sure there is but just wanted to check. Thanks.

Baldur

Looks as though there is a possible way around the one account per one child rule - http://www.halifax.co.uk/savings/ImportantInfo/ImpInfo_ChildRegSaver.asp:

One account per person - you can only open 1 account for one child. However, other people can also open an account for the child too e.g. relatives, friends.

opinions4u

You can recycle the money back in to the account (rate is now 8%), subject to the £10-£100 a month limit, but you should find a home for the lump sum that you currently have as well.

You can have different trustees opening accounts for the same child, but they would also need their own linked Save4It account too.

If the child has a Child Trust Fund why not consider putting the capital and interest in to that but carry on with the Children's Regular Saver?