Savings account for my 2yr old.

barak

martinman3 wrote: »

,,,,,Baillie Gifford.....They have what I think is a more interesting selection of I.T.s including Scottish Mortgage I.T., Monks and Mid Wynd.

- and also The Scottish American Investment Company P.L.C. (SAINTS)

ses6jwg

do these investment trusts charge you each time you buy or just an amc like a unit trust?

barak

ses6jwg wrote: »

do these investment trusts charge you each time you buy or just an amc like a unit trust?

Yes - but I think most [?all] of the ones mentioned above charge no more than 0.5% Commission [no minimum] plus the unavoidable 0.5% Duty for purchases. The spread between buying and selling price has also to be considered, and there is a charge for transferring out of the schemes. You need to check their websites for all the details.

atush

the charges for buying are tiny (in my case 1.25 each month plus stamp duty which is a few pence) for most trusts- Witan decided to change it savings plan to be the same as its Junior isa with a flat 30quid/yr charge no matter how much is in ot or how much you invest. But if you are investing larger amts of say 100 per month it could be effective in going with Witan as it has performed well for my boys lately.

AgentOso_2

skintdad wrote: »

Halifax childrens Regular Saver pays 6% but you'll struggle with the extra payments unless you adjust the standing order.

This is a great account unless you are Scottish! HBOS' Bank Of Scotland have decided to descriminate against their Scottish customers and removed it from suite of accounts for children. :mad:

My son's first version of this account has just finished and we now have to take up their junior saver... will be switching next week.

moni72

I totally agree with AgentOso as my Children's Regular Saver at 10% just closed after 7 years of being on the go. I received no notification, just found out because I saw they had converted her money to a Young Saver account.

When I enquired at Bank of Scotland I was told that it was only available to Halifax customers via their local branch. When I asked wher my local branch was I was told England!!

I called the Halifax Savings helpline and they confirmed that as I live in Scotland I cannot open an account. I am astouned that in this day and age my daughter is experiencing what is tantamount to discrimination. She can only earn 3% on her savings and not the 6% available to children in England and Wales. :mad:

This is especially infuriating as I was an HBOS customer. I have emailed them online to complain about this. I'm simply gob-smacked.

AgentOso_2

moni72 wrote: »

I totally agree with AgentOso as my Children's Regular Saver at 10% just closed after 7 years of being on the go. I received no notification, just found out because I saw they had converted her money to a Young Saver account.

When I enquired at Bank of Scotland I was told that it was only available to Halifax customers via their local branch. When I asked wher my local branch was I was told England!!

I called the Halifax Savings helpline and they confirmed that as I live in Scotland I cannot open an account. I am astouned that in this day and age my daughter is experiencing what is tantamount to discrimination. She can only earn 3% on her savings and not the 6% available to children in England and Wales. :mad:

This is especially infuriating as I was an HBOS customer. I have emailed them online to complain about this. I'm simply gob-smacked.

Seems BOS are rather confused about the "split" from Halifax. When I say split, I mean the splitting of the accounts they offer. I was contacting them about another matter so thought I'd mention this discrimination against Scottish children. They said they'd split their account offering from Halifax last year but Halifax accounts could still be serviced from BOS.

If that is the case, why do they offer a joint account prize draw ?

Also, I'd taken out a BOS ISA, got a letter in from Halifax the other day about it !?!

Also, they have split their accounts but their young saver account is identical !?!

All a bit odd if you ask me.