How to move children's savings

curtic01

Hi, this may seem like a silly question but I want to move the money out of my 8 yr old son's Nationwide online account and my 6 yr old daughter's Halifax Save4It account. Both have about £3,000 in them. I want to open a Yorkshire saving account for each of them. Before I go into both branches to shut the accounts I want to know how best to move the money - will the Nationwide and Halifax make cheques payable to the children, or will they make the cheques payable to me? I don't really want the cheques to go through my account because this is all money saved by the grandparents. I want to be prepared, and not walking around with cash!
Many thanks,
Claire

opinions4u

Halifax will make the cheque payable to whoever you instruct them to.

They also do a Junior isa paying 6%.

xylophone

http://www.hmrc.gov.uk/tdsi/children.htm - see what happens when child turns 16 and what you need to do if you want to keep the accounts as 're' accounts after this age.

As they are both eligible for CTFs (and presumably both have them?) they are not eligible for the Junior ISA.