ISA advice please

dewster

Hello,

Can anyone offer any advice on savings for my daughter?

I have:

£3700 in an ISA which will finish in May (I think)

£1200 sitting in a no interest account in Halifax (last years Childrens Saver)

£1200 will mature in June in a 6% in Halifax childrens saver and will then revert to 0% interest

Questions:

1. Next tax year - should I open another ISA or Childrens Bond?
2. Are there any ISA's where you can put a lump sum in and then continue to keep paying money in? Can this lump sum be a combination of a matured ISA and other savings?

Thank-you for any advice.

pinkdalek

dewster wrote: »

Hello,

Can anyone offer any advice on savings for my daughter?

I have:

£3700 in an ISA which will finish in May (I think)

£1200 sitting in a no interest account in Halifax (last years Childrens Saver)

£1200 will mature in June in a 6% in Halifax childrens saver and will then revert to 0% interest

Questions:

1. Next tax year - should I open another ISA or Childrens Bond?
2. Are there any ISA's where you can put a lump sum in and then continue to keep paying money in? Can this lump sum be a combination of a matured ISA and other savings?

Thank-you for any advice.

How old is your daughter? Was she born before Sep 2002? If so enquire about a Junior ISA for her. Halifax also do Children's Fixed Savings accounts with a minimum opening balance of £500.

The 6% regular saver reverts to a Young Saver on maturity and earns at the moment 2% and not 0%. However you can save again for another year in that account at 6% provided you remove the total amount & interest saved over the year.

The £3700 ISA would be better to either see what your existing provider offers or transfer to another ISA elsewhere so you don't lose out on your tax free benefits. Most variable ISAs allow you to make additional deposits too during the tax year (within your allowance)

dewster

Many thanks PinkDalek

As she is eligible for a CTF it says we can put upto £3700(?) in it and looks like we get a fairly decent interest rate tax free - I will look into it as an option.