Child savings - Help!

jocboyd

I have been paying £50 a month into a Halifax savings account (6%) for each of my two children (7/12) for the past year. Next month is the end of the 12 month period and I need advice on what to do now! Do I lump together the full amount (£1240) or invest each amount seperately? I want to continue saving the same £100 to £150 a month. I really am clueless and would be grateful for any advice!

sheslookinhot

Open a savings account for each Kid. You can continue with the savings in the childrens saver with Halifax, I think you need to open a new account, not sure though. You used to start again in same account but think the t's and c's changed.

If you go over £100 per month, you would need an account for each kid, as £100 is maximum monthly amount you can save.

Newbie2saving

As the previous poster.... I would continue the regular savers, (and you can alter this on a month by month basis if you have spare money, just don't exceed the £100/mth), will need to call Halifax to re-issue this years once your others matured. Keep the money seperate, easier for tax reasons to keep it tax free against each child. Have a read of this article from MSE http://www.moneysavingexpert.com/savings/child-savings-tax-free I've just opened a Halifax reg saver for my DS, they are paying a good rate for little ones.

ses6jwg

put the lump sum in a 1year bond and continue the regular savers..... add the savers to the bond at the end of the year and continue...