Where is the best savings account for a child?

MickKnipfler

I'm looking for a savings account for a 10yo boy. I'm looking for the best interest rate on not much money...

Any recs?

ReportInvestor

You can get the following for £1 invested (unless stated):

4.85% - Chelsea BS - Ready Steady Save
4.9% - Yorkshire Bank / Clydesdale Bank - 5 Year Fixed Rate Child's Savings Bond
4.9% - Saffron Walden BS - Ladybird
5.15% - Harpenden BS - 18 Club (no withdrawals until 18)

10% - The Halifax Children's Regular Saver 1 Year Bond - from £10 pm. Can be complicated & time-consuming to set up.

MickKnipfler

Thanks. I'll see if any of those are local.

ReportInvestor

They can all be operated by post if you wanted - except the Halifax where they like to get you into a branch.

Busy_Welsh_Mum

I'm new to this, so hope this is correct way of doing new posting? I'm looking for a regular savings for my baby. We already have a 3 year old who we have been saving reg amount monthly since her birth in a unit trust "wealth builder" with Fidelity (on advice at time of IFA). Before blindly entering into same for new baby, want to know where I can check how this actually has performed/compare against other unit trust/regulary child savings?

ReportInvestor

Hi BWM,

Fidelity wealthbuilder looks to have been a pretty good choice - Trustnet Link

Your first post went fine. It's all downhill from here .

Also check here as there are different Fidelity Wealthbuilder funds with different final dates

I imagine the underperformance of Fidelity Wealthbuilder 2010 is due to "lifestyling" as some of the fund moves into bonds nearer the end of its life.

2015 & 2020 both seem to have done quite well.

scaffolder

I have £5500 in Bradford & bingley for a 12 yr old that pays 10% interest per yr , surely this is the best deal around ????

MickKnipfler

Is there a minimum investment?

scaffolder

You can open an account for a £1

mary

What's the name of this account with the B & B?

rabialiones

ReportInvestor wrote:

You can get the following for £1 invested (unless stated):

4.85% - Chelsea BS - Ready Steady Save
4.9% - Yorkshire Bank / Clydesdale Bank - 5 Year Fixed Rate Child's Savings Bond
4.9% - Saffron Walden BS - Ladybird
5.15% - Harpenden BS - 18 Club (no withdrawals until 18)

10% - The Halifax Children's Regular Saver 1 Year Bond - from £10 pm. Can be complicated & time-consuming to set up.

can i transfer child trust fund voucher into any of these accounts.
i have been dilly-dallying so it has been invested into a stakeholder but i would rather have a straight forward saving account?
therefore i wish to transfer it.