Saving up child benefit

eor71

Hi please could someone advise me as to a suitable account to pay in my child benefit (approx £70 per month) and start saving it. I've done abit of research on the net and have looked at the Halifax Regular Saver at 10% for the first year. This then pays into a save4it account (or other named account) which offers 5.05% AER/gross.

We do have a CTF account with Family Investments but as far as I know my husband has yet to begin paying regularly into it. My little one is two and a half.

Thanks for any advice

wheeze

I use Coventry Building Society, their special account just for Child Benefit. Think it still pays 7.25%

hope this helps

ReportInvestor

Details of the Coventry Family First set up

It's pretty good in the first two years (7.25% & then 6.25%), but has been superceded by these regular savers such as Halifax's.

Ipswich BS monthly saver @ 8.25% is another one to consider.

Sparky29

ReportInvestor wrote:

Ipswich BS monthly saver @ 8.25% is another one to consider.

Ipswich BS only good for first year. The money gets moved into a Premier 30 account paying a poxy 2% interest with 30 days loss of interest for withdrawls (unless you have over £10K).

Sparky29

Halifax are paying 10%. After a year the balance is moved into another account currently paying 5.05%. You continue paying into the 10% account. You really only get 10% on the first payment as they clear the account but it is still a good deal and tax free. There is a limit £10-100 each month but each parent, grandparent friend etc. can open an account.

http://www.halifax.co.uk/savings/childregularsaver.shtml

eor71

thanks for all the advice!