Somewhere to save?

donnacraig1984

Hi folks,
I've been putting £50 away a month since ocotber 2010 and been adding to come christmas and birthday, for my boy. Its in a child bank account with Lloyds tsb, in his name. I want to move it else where in his name but me being in charge of it, but unable to access unless in emergencys. Can anyone give advice on this, and should i have any problems getting the money?

Thanks craig.

lisyloo

but unable to access unless in emergencys

Don't take this the wrong way, but I think you need to decide whether this is a fund for a child or an emergency fund.
If you aren't already covered for emergencies then can you afford to put this money by - however well meaning a gesture.

I think you need to seperate out an emergency fund and your childs money.
I don't think their exists a child fund that a parent can "dip into".
You need to work out your goals.

jessyclark

Also I've been thinking of Corporate gifts to clients on a monthly basis is it a worth while investment?

xylophone

See http://www.hmrc.gov.uk/tdsi/children.htm regarding '£100 rule".
Money credited to a child's account is an absolute gift to the child and belongs to the child absolutely.