Children's Regular Saver

newinvester2010

Hi everyone

I am looking for a place I can save around £10-£30 a month for my nephew to be born in April. I really want to put some money away but finding it hard to find an account what is in his name but I am the trustee! I have found the Stroud & Swindon Building Society Children's Regular Saver what sounds good but I was wondering if there was any other accounts with a decent interest rate?

Any help greatly received

welshmoneylover

Have you looked at the Halifax's regular saver for children?

wornoutmumoftwo

I second halifax. Pay 10 - 100 in each month and it pay 6%. It lasts for 12 months and then the cash is moved to an ordinary account in the child's name. I believe anyone can be trustee, not just the parents.

newinvester2010

Thanks for the above advice.

I have had a look on the Halifax website and I might have found a small problem. I have found the following clause

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.

My nephew's surname is not the same as mine, therefore I am assuming this is a no no

Sorry if I am asking a really daft question but I have never done this before.

wornoutmumoftwo

Nothing to do with your name. The child will need a saveforit a/c in addition to the regular saver. If you do the application on line and you don't have a saveforit in the child's name there is an option to open one.
I had to do this when I opened my ones for the boys. At the end of the twelve months the money will get moved to the saveforit (normal childrens a/c)

welshmoneylover

You need two accounts for the Halifax saver. One will be the actual saver, the other will be a nominated savings account in your name/childs name that the final balance from the children saver can be paid into iyswim.

So you will open two accounts at the same time, one being the childrens saver, the other being just an ordinary bog standard account.

I done one for my son and I think I got £58.10 on the max of £100 a month and that was 10% iirc.

newinvester2010

thank you for that, thats really helped me today!