Best Child Account

flimsier

I've had a Halifax one for my daughter for the last year - paid £100 a month into it at 6%. As it's just had it's anniversary, it's reverted to 1% or whatever.

So where do I transfer her account to?

For reference, she's 1 year and near 3 months old.

flimsier

BUMP!

Cheers.

atush

The junior ISAs will be out in November. Perhaps you'll want to wait and see what it oofered, and instant access til then?

If you are still regular saving for her, open another acct, or start up an investment trust savings plan.

opinions4u

Lloyds TSB and Northern Rock both offer easy access kids accounts paying 3%.

Cheltenham & Gloucester and Halifax have 2% options.

flimsier

Thanks. I don't need easy access.

Maybe I should google a few accounts.

barrooo

Just to let the OP know that with the childrens regular saver the interest rate rolls over for the next year if you continue saving.

My daughters had one for 4 years,although the interest rates dipped a bit from the original 10% its still one of the best on the market at 6%

opinions4u

barrooo wrote: »

Just to let the OP know that with the childrens regular saver the interest rate rolls over for the next year if you continue saving.

They used to. They don't anymore. The standing order continues, but in to a lower paying easy access account.

You need to open a new one in branch.

liney

barrooo wrote: »

Just to let the OP know that with the childrens regular saver the interest rate rolls over for the next year if you continue saving.

My daughters had one for 4 years,although the interest rates dipped a bit from the original 10% its still one of the best on the market at 6%

Not true, sorry. At the end of 12 months the balance is swept into a craptasic save4it account, then the new payments from Month 1 begin to earn 6%. You don't get 6% on the building balance, only the 12 payments in before they are moved.

I'm looking for somewhere to transfer ours to Op, if you wouldn't mind sharing what you find.

flimsier

barrooo wrote: »

Just to let the OP know that with the childrens regular saver the interest rate rolls over for the next year if you continue saving.

My daughters had one for 4 years,although the interest rates dipped a bit from the original 10% its still one of the best on the market at 6%

Thanks, but they've written to me and said they've closed the account and transferred the balance to one with 1. f-all percent interest.

atush

But if this savings is for a period of 10 years or more, in all likelyhood it will lose ground against inflation so consider starting to save for her in equities as well. If you save monthly, it helps you smooth out market volatility with pound cost averaging.

I have been doing this for my boys for over a decade and they now have quite a bit. Was going to use it for uni, but may just give them the lump sum on graduation instead if I can. Want to give them a good start in life w/o loans.

liney

flimsier wrote: »

Thanks, but they've written to me and said they've closed the account and transferred the balance to one with 1. f-all percent interest.

I'd double check that they have closed the account, not just balance transfered. For the past 6 years my balance has been swept, but the Regular Saver has remained open and payments automatically continued.