Is there a holiday saving scheme?

comicmankev

I'm well aware it would posibly cost more, but I've heard there are saving schemes that you can set up for weddings, birthdays etc for friends/family to put money into.

Does anyone have any experience with these?

And does anyone know who does them??


Thanks in advance!

blinky

The best way is just to set up a special savings account for it. That way you'll get interest too.

comicmankev

I beleive the idea is so that |OTHER people can put in to it for a present and you do not see who has put what, but you do know the names of who has given.

It is so that people that do not want to give cash can give money without worrying what they have given.

I heard a friend of a friend paid for there entire honeymoon this way, but not sure how it's done. T

blinky

If you give them the sort code and account number of the account then anyone can pay in and only the people who pay in and those who get the statement know what's been paid in.

My logic is that although interest rates aren't good for savers at the moment but you would get some interest. If you pay into a scheme you probably get little or no interest and possibly have to pay a fee. Just like Christmas Club's - you don't see the benefit really.

The only possible benefit is to stop yourself dipping into it. If you think you might be at risk of doing it ask a relative or someone trustworthy to be a co-signee and set the account up so money can only be withdrawn with both signatures.