Where to put my money?

Justwondering24

Hello,

I have £4400 pound in a children saving account. It is tax free and is only earning 0.8%!

For the next two years I will also be saving £250 per month.

My question is, where should I put my current savings and future payments to receive the best interest rate? Isa? Savings account? I am so confused...

I dont mind leaving the money untouched for 1 year if it helps on better returns.

Thank you!

:beer:

xylophone

Are you the "child" in question? Or do you mean that you are saving for a child?

Justwondering24

Hello,

The money is in my childs account.

But i want to put the money to better use than 0.8%

Regards

atush

Is the money for you, or for your child?

Have you used your ISA allowance?

has your child (or do they have a CTF instead?).

Justwondering24

It is my money, and no haven't used isa allowance

Thanks

greenface

:whistle::whistle::whistle::whistle:""walks away whistling"":whistle::whistle::whistle::silenced:

atush

Then put it in an ISA at 3% (or more for a fixed rate) and keep adding to your ISA each year.

xylophone

If the money is in your child's account then it is not your money. It belongs to your child absolutely.
http://www.hmrc.gov.uk/tdsi/children.htm
http://www.moneysavingexpert.com/savings/child-savings-tax-free might be helpful.

atush

Which is why I asked if they had a CTF, otherwise put it in a JISA, at 3%.

If you put money in a child's name, and take it out again I don't find they ever check what you have done with it. Having made withdrawals from my children's accts over their lifetime many times. Not once. Of course, I spent it on investments or items for their beneficial use. But no one has ever checked that I did.

Justwondering24

Well its our money. It benefits the family not just me. But thanks for the effort in replying

In these times, got to look after your own

Justwondering24

atush, really appreciate your advice...thank you