Childs regular savings account

newnhak

Hi

I am looking at a new savings accounts for my 2 children (7 & 9). I have some cheques in their name to pay in but want to go the regular savings route and drip feed the money.

If I go with the Halifax and open 2 save4it accounts and 2 regular savings accounts can i pay the cheques into the save4it accounts and then set-up a standing order to drip feed money to the regular savings accounts?

If not - is there another easy way of doing this - preferably without visiting a branch as i find this difficult to do?

thanks

sheslookinhot

newnhak wrote: »

Hi

I am looking at a new savings accounts for my 2 children (7 & 9). I have some cheques in their name to pay in but want to go the regular savings route and drip feed the money.

If I go with the Halifax and open 2 save4it accounts and 2 regular savings accounts can i pay the cheques into the save4it accounts and then set-up a standing order to drip feed money to the regular savings accounts?

If not - is there another easy way of doing this - preferably without visiting a branch as i find this difficult to do?

thanks

save4it accounts pay poor interest. You best bet is the Halifax Childrens regular Saver paying 6%. Maximum of £100 every month.

Mikeyorks

newnhak wrote: »

If I go with the Halifax and open 2 save4it accounts and 2 regular savings accounts can i pay the cheques into the save4it accounts and then set-up a standing order to drip feed money to the regular savings accounts?

If not - is there another easy way of doing this - preferably without visiting a branch as i find this difficult to do?

You can pay the cheques into the save4it accounts ..... but I'm 99% certain these accounts do not support SOs. So you would need to extract the monthly money for the reg savers into your own account .... and SO from there.
Inevitably you will need to visit a Branch (or risk posting the documents) to establish the IDs for the children .... birth certificates are required.

sheslookinhot wrote:

save4it accounts pay poor interest. You best bet is the Halifax Childrens regular Saver paying 6%

It's not a choice. You have to open the Save4it to accept the matured funds from the Regular Saver. But - I would agree that with the current rates it's best to try and find an alternative home for most of the money. Your own ISA is a good option if you don't use (all of) it. As it resolves any tax issues.