Halifax Childrens Reg Saver - How many can a child have?

SuperMum2010

I was in a local Halifax Branch thismorning to ask this question i.e. can granny open one for grandchild, then grandad open a second one for same child (thereby being able to save £200 per month between them for the child rather than the max £100 in this type of account).

I was told by two different members of staff that a child could only have one account each??

Yet, when I go online to Halifax's website it clearly says:

"One account per person - you can only open 1 account for one child. However, other people can also open an account for the child too e.g. relatives, friends. Accounts can only be held by 1 or 2 trustees jointly on trust for a child. Only 1 account per trustee per child"

...which to me implies I could do what I was asking - i.e. 2 accounts for the child opened by 2 separate people.

Martins guide to childrens savings says the same too - SO IT MUST BE RIGHT!! Were the staff in branch WRONG? :mad:

Many thanks for any help!

opinions4u

The branch is wrong.

Mum can be trustee for Child X
Dad can as well.
So could Granny, Gramps and every uncle, aunt, step-parent, in-law, God-parent, family friend, next door neighbour etc.

You can also do the same for Child Y.

pKaTz

I had opened a reg saver in joint names, and asked in branch If I could cancel that and open 2 reg savers, one for me, one for the wife.
Some how, the staff & the manager there said that for that amount of money [£200 in total] I would need to see there finacial advisor to "talk about what else they have on offer which isnt on the website".
Is it worth me going through with the interview.
Can I close and open accounts through some other means? without going in branch or talking to an advisor for 1 hour?

opinions4u

The meeting is optional.

If you don't want to do it, tell them.

If they are awkward about it, close the accounts in branch then ring up to re-open them.

pKaTz

they dont have any thing that I would be interested in anyway, would they. As this reg saver is the best current way to save for children with a regular monthly deposit. [Not wanting to go down the S&S's route

jennifernil

They keep wanting me to go in for a financial review, I just say to them that I am quite happy with the accounts I have. If they persist then I ask if they have an account that pays better than x% (whatever my highest rate is) and since they don't, that is the end of the discussion.

You just need to be firm with them!

If you close the RS you have, you will not get the 6%, so you need to work out if it is better to wait till the year is up. If it is a fairly new one then you might as well close it and start over.

pKaTz

The reg saver i had matured in sept, which is why i wanted to close it and reopen 2 separate ones.
The cashier said that the rate was 6%.
what will be the rate if I open a new one?

pKaTz

From the web site:
Halifax Children's Regular Saver
UK annual rates: Rates of interest are subject to change but are correct as at 20th April 2009
Annual Rates AER Gross p.a. Net p.a.
All Balances 6.00% 6.00% 4.80%

jennifernil

pKaTz wrote: »

The reg saver i had matured in sept, which is why i wanted to close it and reopen 2 separate ones.
The cashier said that the rate was 6%.
what will be the rate if I open a new one?

You don't actually need to "close" it on maturity, you just stop paying into it and it will automatically close. Have you paid anything in since maturity?

If not then just tell them you want to set up 2 new ones and do not intend to pay into the old one.

If you have paid in then you will need to close it.

The rate is still 6%, my OH has just opened ones for our 2 grandchildren, I already have RSs for them.

Mikeyorks

pKaTz wrote: »

what will be the rate if I open a new one?

The rate applying when you open / fund the account ...... it's currently 6%.

But do make sure you file an R85. Despite this is a specific children's account .... it's not assumed that interest should be paid gross. So they will deduct 20% tax if you don't provide the R85.