kids savings

advice needed we have four children aged 17'16'13 & 10. they have been given £1500 each for there future years. we have never been in this situation before some would apprecate some help on where we should put there money . called into halifax but the guy just went on & on and we never realy got anywhere. thanks in advance.


  • Penny2myNamePenny2myName Forumite
    1.6K Posts
    Part of the Furniture Combo Breaker
    Not sure about your elder two, but you can still open the Children's regular saver account which pays 10% but needs money deposited each month I believe, also their save4it account has a good interest rate of 5.65 % i think it is, appart from that I am afraid i dont know.
    19th March 2007 LBM£5,969.63 1st January 2018 £5960.18, 1st January 2019 £11,032.00
    Student Loan £22244.00 From 2009-12
    Challenges: To learn to stop spending..
  • gt94sss2gt94sss2 Forumite
    4.9K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Have a look at the Investing For Children board on the Motley Fool for some ideas - you will need to have an idea about how long you can leave the money tied up for each child.

  • Whatever you do make sure you fill in form Inland Revenue R85, for those children who do not need to pay tax on the intrest. (ie they are earning less than £4,745 pa). If you don't the building society/bank automaticaly take the tax and send it to the inland revenue.

    See Inland Revenue website for details.

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