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Which is the best saving account for a 4 year old

my child is 4 years old and we want to open an account for him that is good for saving his money but don't have to wait months to make a withdrawal,anyone any ideas???
Proud to be dealing with my debts
;) Official DFW Nerd Club - Member no. 633 ;)
:D Mortgage completed 19/1/07 :D
:j saving for xmas already!!1st time ever. :eek:
:mad: Bank charge reclaiming on hold:mad:
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Comments

  • save-a-lot
    save-a-lot Posts: 2,809 Forumite
    1,000 Posts Combo Breaker
    Hi

    The Halifax Save4it account is good paying 5.3% gross. Has a £5K ceiling on the account though, after this you would have to find another account.
  • macymoo
    macymoo Posts: 268 Forumite
    Part of the Furniture Combo Breaker
    Try the Britannia First saver or if he a footy fan they have many affiliated junior accounts (Arsenal, Liverpool, Ipswich, Stoke, Chelsea etc)
    Personal Loan: £11,488 3.7% Credit card: £5,946 0% Total = £17,434
  • Pompey FC?
  • Mikeyorks
    Mikeyorks Posts: 10,377 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Whichever you choose - don't forget to file an R85 with it ... if Interest should be paid gross. It's not automatic on children's accounts - you need to do it, where applicable.
    If you want to test the depth of the water .........don't use both feet !
  • what is an R85 I am new to all this!!
    Proud to be dealing with my debts
    ;) Official DFW Nerd Club - Member no. 633 ;)
    :D Mortgage completed 19/1/07 :D
    :j saving for xmas already!!1st time ever. :eek:
    :mad: Bank charge reclaiming on hold:mad:
  • with some banks (eg Halifax) you don't need to fill one in - it will be verbal and you receive a certificate at account opening
  • dancingfairy
    dancingfairy Posts: 9,069 Forumite
    It's just a form declaring that a person doesn't have to be paying tax as they won't be earning enough so the savings get interest tax free - don't worry it's easy to do.
    Making my money go further with MSE :j
    How much can I save in 2012 challenge
    75/1200 :eek:
  • Kilty_2
    Kilty_2 Posts: 5,818 Forumite
    Mikeyorks wrote:
    Whichever you choose - don't forget to file an R85 with it ... if Interest should be paid gross. It's not automatic on children's accounts - you need to do it, where applicable.

    Remember if you are going to be paying any more into his account than an amount that would accrue £100 a year interest then the money is not eligible for gross interest since it is (for tax) the parents money, not the child's. (ie £2000 or more at 5%).
  • benood
    benood Posts: 1,398 Forumite
    My experience with halifax and R85 is they mess it up every step of the way, you have to keep on at them until you receive written confirmation that interest is being paid gross. After a year I've got it for 2 out of the 3!
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