Coventry Building society & Family allowance 7.25%

mels123

I have had one of these accounts for about 3 months. The interest is paid in monthly and the money is building up nicely. I would have normally spent the Child Benefit money if it wasn't for this account.

The other linked account I have been saving our Christmas money into it. I like the fact you get a cashcard with both accounts, so you can withdraw your money quickly if needed.

HTH

Mel

TraceyD_4

Quite agree about being good accounts - haven't managed to save mine yet but planning too!!

max2002ad

I Highly recomend getting this account.
The registration can be a bit of a pain but if you phone then up they are easy to deal and really helpful too.
Once it's set up you can just let the inland revenue and the building society do all the hard work and you can see the pot nicely grow.
I think you will be hard pushed to find a better account for the child benefit money.
An added tip is to get it registered in the name of the person who's paying the least amount of tax.
My Partner isn't working but looking after our son so it all comes tax free !!!

System

I am impressed with this account. At present, our Family Allowance goes straight into my bank account where it is then taken by standing order into a Online Saver. Can anyone tell me, what do i have to do to get the money transfered into another account? are you issued with a debit card as standard? If so can i take the money out of a LLoyds Tsb cashpoint? (I have one local to me, and i dont want to traipse miles just to draw a tenner out).

TraceyD_4

You can draw out money at any ATM but you only get a cash card. You can nominate a bank account to transfer the money to online.

Hope this helps

max2002ad

Judi
Were you planning to take the money out and putting it in to an online saver or were you planning to spend it?
Because the rate of interest on this account is bound to be better or as good as any rate you can currently get at present.
The way it works for me is that i gave the inland revenue the details of this account and now the money trickles in without me having to worry about it.
Hopefully when my son is older i can give him a tidy sum to use wisely.

System

Hi Max,

Well the plan is that i will leave it in there however a lot of our money is tied up in Regular Savers, so i need a bit of money i can get access to just in case.

Lovely idea about saving it for your son, i could never afford to do that when my 5 kids were little.

max2002ad

My son is three months old so it's early days yet.
i am trying to work on the principle that if it's not in my current account i can't see it and therefore not spend it !!!
so far so good :S
Mind due with this account even if it's in there for just a month then you will still earn a nice bit of interest. it's better than nothing !!