Halifax child savings acct 6% then what?

mylifestory

Hi,

Ive had this account for over a year for my daughter at 6% but after the initial 12 months it was changed to a young saver account at 2%.

I was wondering if i could open another 6% account for her. And what shold i do with the money i already have in the young saver? I'd ideally not want to spred it around too much but id also like to start putting in my annual £3k into it when moved.

Best idead pleaase!?

mumonashoestring

Halifax have just started offering a child ISA - it starts at 3% but if you open an ISA of your own with them the interest on the child ISA goes up to 6%.

The only possible downside to it is that it is no withdrawals until the child is 18 but if you're happy for the money to be 'untouchable' then it's a pretty good option

xylophone

http://www.hmrc.gov.uk/tdsi/children.htm
Be careful of "£100 rule" - does not apply to CTF/JISA.

emeraldbugle

See this, you can start again with 6%, I had a form sent to me.

https://forums.moneysavingexpert.com/discussion/4029093

As the amount has now matured, I am opening the 3.8% 2 year fix with the AA, (mentioned on today's newsletter). It is great that I can be a trustee on this account for the kids.

mylifestory

how do you get this form?

my daughters account has become a regular saver at 2% but not only that they also taxed it though id already filled in their form not to!

cant do the ISA as we already have the child trust fund but dont mind moving across halifax accounts once a year .....