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1 year old Money Saver?!
Swiss_Toni
Posts: 175 Forumite
I want to open an account for my daughter (1 year old) in which I can deposit a small regular amount (eg £10).
What do I do?
Just look for the best savings rate and apply for it tax free in her name?
I don't want a CTF account (already sorted).
I don't want access to the money, but i want her to be able to at, say, 16 years old.
Advice appreciated.
Cheers
What do I do?
Just look for the best savings rate and apply for it tax free in her name?
I don't want a CTF account (already sorted).
I don't want access to the money, but i want her to be able to at, say, 16 years old.
Advice appreciated.
Cheers
0
Comments
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I have opened a Halifax 10% regular saver for my grandson, it was very straightforward, but you do need the birth certificate.
The only problem I can see is that if your daughter gets interest of over £100 in a tax year on money from you, then it could be taxed as your income. Does she have a grandparent who could open and operate this account?0
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