Problem opening Childrens Regular Saver

ses6jwg

LLOYDS and presumably bank of scotland offer a 3% young savers account, suitable for the lump sum AND standing order

jennifernil

Yes, but saving monthly into that is not as good as the Halifax 6% one.

BOS does not offer a 3% childrens account. We already have 3% accounts for them with Northern Rock. But 3% is not even keeping up with inflation these days.

What we wrinklies want to do is save regularly out of our pensions for our grandchildren, so we do not use up our £3000 annual IHT "give-away" allowance. The £3000 each goes to our children, if we have spare cash. This saving for the grandchildren is outside that.

When you are "old" you have more things to consider!!

jennifernil

jules68 wrote: »

I went into Halifax the other day and opened a regular saver for my younger son (6%) and was told that I could not open another chils account for that child. I was told that after the years up the money would stay there(not sure what rate it goes to) and I would have to go into branch to open up a new one i.e 6% if they are still about.

Previously they would shove it into another account and carry on the regular saver. I have one for my older son and was told this would still happen as it was open before 2010. Obviously I need to check or give them a call nearer the time.

Yep, that is how it works now, which, if you are aware of it is fine.

But if you are in Scotland you apparently no longer have that option.

You cannot open a Kids Regular Saver up here.

We have been excluded.

emeraldbugle

Is this the same with all the Children's Regular Savers? My year is up in July and last July it did put the money into a save4it account (which I moved elsewhere).

Will I have an issue next July? (The accounts have been open since circa 2005.)