Advice on Childrens Savings over £10k

snowman45

both my children have in excess of £10k in national savings account each, but are only earning 0.75% interest on this and i am deeply unhappy with service they are providing. I am looking to move the money to a better account for them.

-First question i have is i bank with lloyds i see they do a kids saver available for people who bank with lloyds at 3% will that stay at 3% for a year or how long?
- second question is there any way i can put there money into an account but have it so they need my signature to access it when there older (dont want them blowing it!)
- any sugguestions on good savings accounts for them and should i keep it in one place long term but dont want it locked in.

Many Thanks:)

opinions4u

-First question i have is i bank with lloyds i see they do a kids saver available for people who bank with lloyds at 3% will that stay at 3% for a year or how long?

For as long as they choose.

Lloyds, TSB, BoS and Halifax are very much the first place to look for deposit based savings accounts for children right now.

jimjames

snowman45 wrote: »

- any sugguestions on good savings accounts for them and should i keep it in one place long term but dont want it locked in.

Many Thanks:)

You don't say what age your kids are but if you are looking for long term savings (over 10 years) for them then you may want to have a look at investments not savings. Long term the performance is likely to be better and to beat inflation which savings are currently not doing so your money is worth less each year.

xylophone

Do the savings belong to the children? If so, you are holding them as bare trustee and they have the absolute right to access and control at 18 (16 in Scotland).

Be careful of the £100 rule if your children are earning interest on money provided by you or your wife outside tax privileged accounts.

http://www.nsandi.com/you-and-your-money-kids-and-money-investing-their-behalf-money-parents