Children's Accounts

RateHater

:mad:

The Co-operative Bank = 1 out of 10 for interest rates on Childrens Accounts.

Can anyone recommend a good account, that doesn't reduce the rate to ~nil?
Thanks.

On the Co-op website it states "Both the Bonus account and Future Fund pay good rates of interest"
The interest rate they actually pay is effectively 0.25%, that's not good, it's appalling, by anyone's standards.

I have foolishly had accounts for my two children with The Co-operative Bank for a number of years and didn't expect to have to keep checking the rates, I expected them to have better standards than that.

It's rather annoying to have personally banked with them for a long time to subsequently find out that they don't have the ethics and morals that I expected on any number of fronts - Deposit Interest Rates, PPI, Credit Card Rates, Current Account fees etc., it's funny how you can easily be fooled by a few trees and a handful of solar panels!? Needless to say, it won't just be my child savings accounts that will be moving.

opinions4u

Look at LloydsTsb and Northern Rock for 3% easy access.

Look at Halifax for 6% on Junior ISA and regular savings. With conditions.

Spiggle

RateHater wrote: »

:mad:

The Co-operative Bank = 1 out of 10 for interest rates on Childrens Accounts.

Can anyone recommend a good account, that doesn't reduce the rate to ~nil?
Thanks.

On the Co-op website it states "Both the Bonus account and Future Fund pay good rates of interest"
The interest rate they actually pay is effectively 0.25%, that's not good, it's appalling, by anyone's standards.

I have foolishly had accounts for my two children with The Co-operative Bank for a number of years and didn't expect to have to keep checking the rates, I expected them to have better standards than that.

It's rather annoying to have personally banked with them for a long time to subsequently find out that they don't have the ethics and morals that I expected on any number of fronts - Deposit Interest Rates, PPI, Credit Card Rates, Current Account fees etc., it's funny how you can easily be fooled by a few trees and a handful of solar panels!? Needless to say, it won't just be my child savings accounts that will be moving.

Hi,

I have two Halifax reg savers for my two GDs. The rates have fallen by 50% since the first one I opened for GD1 10 years ago but the rate of 6% is good. You do need to move the matured funds once the 12 months are up as the rate in the linked savings account is pants.

The difficulty is where to? I was lucky and managed to transfer GD1s money into the NS&I savings certificates before they closed but GD2s account hadn't matured. The thing is with the ISA that they will be able to get at the money when they turn 18 whereas I'd like to remain a trustee of the accounts (I am on the regular savers) so the money hard earned and hard saved doesn't get wasted in some pointless splurge!

Sorry I don't think I've helped a huge amount but the Halifax is about the best regular saver you can currently get and the ISA if you have sums up to £3600 to deposit.

Edited to add: You can only open the ISA if your children were not eligible for the government backed Child TRust Fund so need to have been born before 1st September 2002 or after 2nd January 2011.

All the best,
Spigs