childrens savings

consumers_revenge

Hi,

Anyone got any thoughts on the best childrens savings accounts please?

1 x 1y.o. 1 x 5y.o.

Intending to drip feed each a tenner a month each till 16/17/18 y.o.

Each have a couple of 100 already sat in 'spare' accounts of mine, so crap interest rate. CTF are in other accounts, dont want to add to these as children 'may' want to dip in on birthdays etc.

Thanks for any info

trynsave

I can only say what I do. Halifax Child Regular Saver 6% gross

http://www.halifax.co.uk/savings/accounts/childrens-savings/childrens-regular-saver/

I started by saving £10pm for each of mine. At end of year 1 they each had £120+ interest.

I withdrew all of that and paid into my a/c which funded s/o.

Then I adjusted the s/o so the 1st month of 2nd yr payments was £100 (£90 year 1 money + £10 regular paymt),

followed by 2nd payment of £40+ (made up of £30 + interest of year 1 money and £10 reg paymt)

3rd payment re-set to montly £10

Therefore whole amt in one place and getting 6% gross - if a little fiddley. Quite manageable with online banking.

Mikeyorks

consumers_revenge wrote: »

Hi,

Anyone got any thoughts on the best childrens savings accounts please?

The Halifax RS is the best you will get for that sort of value. Worth (as previous post) laundering increasing values up to the max of £100pm as the overall accumulation grows.

Some advice here :-

http://www.moneysavingexpert.com/savings/child-savings-tax-free