Best saving accounts for kiddies?

Sulli

my-gorgeous-ellie-belle - don't want to worry you but setting up a savings a/c is an easy decision compared with trying to decide which schools to apply to, to try and get the best education start for your little one, you have that to come and it will soon come round, my daughter is 2yrs 10 mnths and started playschool in september, I remember when she was the same age as our son who is 5 months, and that sort of decision never even entered my head, I find I am already planning our sons school years in my head, and there are so many forms to fill out at certain times of the year - it gets really confusing, expecially if you have a couple of school's to choose from - hope you find a good savings a/c - I'm sure you won't go wrong with the halifax one - Good Luck

Claire

bargainboy

Been looking for an account or both my children lately as they are starting to get cash for prezzies.

They need somewhere to keep it because if it stays in the house it will just wilt away to nothing.
If it goes into my bank I will lose track and the kids will either:

1. End up not getting the full amount of money they received !
2. I will end up out of pocket because they have been given too much !

None of the above ideas are a very good for our kids as they teach them nothing. I have been however trying to teach them moneysaving and that seems to be working out ok, so banking is the next step and I wish to have it done ASAP.
Thess accounts are perfect for them, better than what the Abbey are offering and seemingly hassle free.

Mikeyorks

my_gorgeous_ellie-belle wrote:

I must say a big thank you for your help!!!

More than welcome. The best way of staying abreast of the changes, I find, is to read / reread the main site articles on Savings etc - periodically. And to subscribe to the weekly email - as that tends to highlight changes and rewritten articles.

bargainboy

I opened the HBOS account today for both my kids. it took nearly an hour as i am not a customer. was dealt with very well and the account seems an excellent aquisition for my kids. they even got a free bank for their penys in the house.

regularsaver1

you can't pay in money to the regular saver from the save4it ellie-belle - but it can come from a standing order from a bank account

nikiyoung

Ok a quick question probably not the right place but here goes...
Have been saving in the Halifax for the 12 months for both DD's and yesterday was the "interest day". went on line today and I have only got 6.11% interest !! I have not missed a payment and payments have been constant (between £25 and £100) so can anyone help? Can't ring them to find out as it's Sunday :-(

Thanks in advance
Niki

regularsaver1

how did you come up with that interest rate niki?

nikiyoung

Hi regularsaver1
Update: my branch when we set up the girls acc didn't tell us it was an accumlative interest account so the first payment is the only one we get the whole 10% interest on!
Now waiting for the manager to ring us back (he only started today) as I have complained that it was not told to us when the account was opened!
the way hubby worked out the interest is we paid in £750.00 and 10% should have been £75 but only got £45.85 :-(
Niki

regularsaver1

ah that is common knowledge with regular savings - as you were earning interest on the money prior to it hitting the account, or you may not have had the money yourself at that time, - for example from salary

Mikeyorks

nikiyoung wrote:

as I have complained that it was not told to us when the account was opened!
the way hubby worked out the interest is we paid in £750.00 and 10% should have been £75 but only got £45.85 :-(
Niki

Then unfortunately he worked it out incorrectly .. and how can you possibly blame Halifax for that? No account is going to pay you interest on money you haven't put in !! You only get interest for money that you've actually paid in .. so of course it's only the first payment that attracts 10% for the whole year. The others attract 10% .. but only for the portion of the year the money is in for. 10% means ..... £10 interest for every £100 of capital you have saved .... for a full year.

Read posts #3 /#4 /#5 /#7 .. on this thread alone (and there have been many other threads and articles .. on the same misconception)