A quick question about the Halifax Childrens Regular Saver

Legacy_user

The account i opened as trustee for my son has now matured and it has now been transfered into the Save4it account. I am hoping later today to draw the money out to put elsewhere. Obviously i shall be taking the passbook but am wondering what else i may need to take with me as proof/evidence as i dont want a wasted journey.

Gambler

why would you want to move, isn't save4it one of the better paying accounts?

grumbler

Gambler wrote:

why would you want to move, isn't save4it one of the better paying accounts?

4.8% is a good rate. However, there could be a problem if you have full £1200+£65 in this account, pay £100 p.m. into children regular savings account and both accounts are registered for interest to be paid gros. Annual interest would be about £1265*4.8%+£650*10%=£123. This exceeds £100 threshold for interest on money coming from a parent. In this case all interest should be taxed.

Gambler

we've been given £3000 for each of our children by their great grandmother.

Could this cause a problem with the taxman as we are going to open up 4 regular accounts and put the remainder into their save4it accounts.

regularsaver1

if you are the trustee and you remember signing the back of the book (invisible to you, but shows under UV) then you do not need to take anythign else

if you haven't signed then take another form of signature id