Children's savings

Bumbelina

Apologies if this is the wrong forum but I don't find this site the easiest to navigate!

My children, aged 8 and 12, currently have around £1100 each in Yorkshire Building society one day accounts, which I hold in trust for them, but I'm not sure whether they could get better interest elsewhere. We 've been thinking about putting all their money together into another account but are very confused about the Halifax "drip feed" thing (ie. Halifax regular saver and Save4it) and when I phoned the Halifax to try and set it up, they said it couldn't be done.

I'm not sure whether you can invest a lump sum in those accounts or whether you can only pay in monthly instalments. At the moment we are paying £15 a month into each account and want to continue this, but we also need to decide what to do with the lump sums. We would be happy to put them both in one account if that's the best thing to do.

Please can someone explain in simple terms the best way of investing this money, in a way that's easy to monitor otherwise we probably won't cope?!

BitterAndTwisted

Why don't you speak to your building society and ask them about all the different savings accounts they offer? In your position, I'd probably leave the account separate as the interest accrued might not be easy to separate later on. What about cash ISAs?

This question might get more sensible answers from the Savings and Investments board, really

Lynn11

I recently opened up a Halifax children's saver account for my daughter and you can opened it up with anything £10-£100 and then you have set up a standing order for £10-£50 every month for 1 year with no withdrawals and you get a rate of 6%. Thereafter, it will be transferred to a save4it account at a rate of 1.5% I think. We have set this up with a SO of higher amount and I can dip into daughter's other bank account if needed. At the end of the year all the money will go into one account but at least one part of her money is earning a decent rate of interest. Hope you understand this,

Pollycat

Bumbelina
Try looking at the main site under 'Banking/Saving', there's some specific information on child savings;
http://www.moneysavingexpert.com/savings/child-savings-tax-free

You would probably be better posting this on the 'Savings & Investments' forum as BitterandTwisted has already suggested.

Regards