childrens regular saver

baron777red

hi i currently have a halifax regular saver that i pay £10 amonth into for my daughter who is 3, and its now at the end of the promotional rate and has dropped down to 0.10%, so i need to open a new account

does anyone know of any good accounts where i can make a monthly deposit of between £10-£25, i dont want to have to keep moving it about every 12 months cos the promo rate has dropped, and i dont mind fixing even for a term of 10-15 years

i dont want to invest in stocks and shares, and if possible would like it to be in the childs name so its not taxed

any ideas?

is there an alternative to NS&I?

DiggerUK

This Chorley B.S. Santa Saver gives 3.2% net for now, it pays out once a year, then I would advise NSI Index Linked on maturity.
http://www.chorleybs.co.uk/index.php?option=com_content&task=view&id=189&Itemid=570
Best of fortune.

trynsave

I am assuming that your daughter now has £120 + interest, correct?

If I were you I'd pay that amt into the c/a which funds your daughter's regular saver and ...

in month 1 pay in £100 by s/o (£10 regular payment + £90 of last year's savings).

Then in month 2 credit £40 (£10 regular credit + remaining £30 of last year's money).

In month 3, just set your s/o to fund the regular £10.

That way all your daughter's savings are in one place and all receiving 6%.

Mikeyorks

baron777red wrote: »

hi i currently have a halifax regular saver that i pay £10 amonth into for my daughter who is 3, and its now at the end of the promotional rate and has dropped down to 0.10%, so i need to open a new account

You're misunderstanding the account. There is no 'promotional' rate. It was paying 6% (?) and, at the end of the 12 month period the proceeds are swept into a Save4it account (1.05%).

If you continue with the SOs then the Regular Saver will continue for a further 12 months at the rate advertised (still 6%) at the time they receive the first payment. You don't need to open a new account - it continues if you continue the payments.

You can do as you wish with the proceeds in the Save4it account ...... but 're-cycling' it as suggested in the previous post is always my suggestion for anyone contributing less than the monthly max of £100.

And make sure there's an R85 in place to get the interest paid gross. Whilst this is a dedicated children's account - any availability of having the interest without tax deducted isn't taken for granted.