childrens regular saver - can i withdraw the money?

evosy1978

Can you ust clear sojmething up for me please...

If I was to open a 1 year regular saver in my newborn childs name, e.g the 6% halifax regular saver, and i put in £50 per month for the 12 months, until it reverts to the lower rate savings account.

Can I then withdraw this money plus interest out.???

or can i never touch this money as it now belongs to my child until there old enough to withdraw it..??

I understand i cant withdraw out of a child trust fund, but just wondered what the rules were for childrens regular savers after the 12 months are up?

thanks for any help.

Mikeyorks

Yes - you can withdraw it. (But it has to go out via the save4it account you need to also set up). Don't forget the Regular Saver continues into a 2nd year (at the rate then in force) if you wish.

opinions4u

evosy1978 wrote: »

If I was to open a 1 year regular saver in my newborn childs name, e.g the 6% halifax regular saver, and i put in £50 per month for the 12 months, until it reverts to the lower rate savings account.

Can I then withdraw this money plus interest out.???

It will be done for you. The account links to a Save4it kids account (1.05% rate) or alternative kids account and maturity proceeds from a Kids Regular Saver automatically move in to that. The Kids Regular Saver then starts up again unless you cancel the standing order.

or can i never touch this money as it now belongs to my child until there old enough to withdraw it..??

If you open the accounts with you as trustee for the child, then you control the funds on behalf of that child.

Their web site clarifies some of the detail:

Maturity - after 12 months your savings and interest are simply transferred into a nominated savings account ( you'll be asked to open the nominated savings account at the same time as opening the Children's Regular Saver). You can continue to save in the Children's Regular Saver, at the rate of interest applicable at that time
Nominated savings account - must be held in the same name(s) as the Halifax Children's Regular Saver account, eg Alan Smith in trustee for Timmy Smith.