Opening a savings account for baby with Halifax?

ironman1

Hello all, I want to open a savings account for my son who is a year old, preferably with Halifax so I can do it online and add funds at will as I am with them with every other account and it would be easier for me.

Anyone know the best account around for this? I want it to build up so he can use the money when he is 18 or so. Not to take money out of it until then.

Thanks

innovate

http://www.moneysavingexpert.com/savings/child-savings-tax-free

http://www.money.co.uk/savings-accounts/childrens-savings.htm

xylophone

http://www.direct.gov.uk/en/moneytaxandbenefits/managingmoney/planningyourpersonalfinances/dg_10013916
http://www.hmrc.gov.uk/tdsi/children.htm

"£100 rule" does not apply to CTF/JISA.

Is your child eligible for a JISA (born after 2 Jan 2011)? Halifax offer the relationship JISA - 6% for the child if adult has Halifax ISA. http://www.halifax.co.uk/savings/acc...anch-accounts/
http://www.halifax.co.uk/savings/int...unior-cash-isa

Irish_Stew_2

I have looked at this as I want to do the same for my grand daughter. It does not matter whether you want an Isa or a savings account. At this stage interest free does not matter. Just go for the best interest rate.

Halifax do have a junior isa which pays 6.0% so long as there is a relation (you) who have an account with them - BUT IT IS ONLY A BRANCH OPERATED ACCOUNT. They also have a Kids Saver also paying 6.0% but again - IT IS ONLY A BRANCH OPERATED ACCOUNT. The best interest for an On line account with the Halifay is an ordinary saver 2.8% and an ordinary Isa 3.0%. Both have 12 month bonus clauses so look to move for a better rate in 12 months.

If you don't or can't operate a Branch Account and want a pure no strings account look at Martins article on Savings where Virgin have a very good on line , no bonus savings rate.

xylophone

At this stage interest free does not matter. Just go for the best interest rate.

It can matter for parents.
http://www.direct.gov.uk/en/moneytax...es/dg_10013916
http://www.hmrc.gov.uk/tdsi/children.htm