Reinvesting Childrens Bonus Bonds

honourywelshperson

My son has turned 16 and so his Childrens Bonus Bonds are maturing, some of these are worth £44 now, (hes has about £500 worth) he would like to re-invest but is confused about the amount of savings options available. Any simple, clear advice for us please. Thanks

innovate

Halifax cash JISA pays the best interest by a mile


http://www.halifax.co.uk/isas/cash-isas/junior-cash-isa/

pmjenkins

innovate wrote: »

Halifax cash JISA pays the best interest by a mile

... 6% if an adult cash ISA is held, 3% otherwise.

The Coventry JISA pays 3.25% with no strings attached.

Vortigern

New rules for Children's Bonus Bonds don't allow re-investment after age 16, so the cash has to go elsewhere.

Halifax's Junior ISA is good, and he can apply for it himself. I believe it pays 6% even if there is no linked adult ISA - as long as the child is over 16

Otherwise look at MSE's suggestions for children's accounts at:
http://www.moneysavingexpert.com/savings/child-savings-tax-free

xylophone

Halifax's Junior ISA is good, and he can apply for it himself. I believe it pays 6% even if there is no linked adult ISA - as long as the child is over 16

Yes - see here http://www.halifax.co.uk/isas/cash-isas/

"6.00% tax free/AER variable
if an adult cash ISA is held or child is 16 and over. If an adult Halifax Cash ISA isn’t held, the standard Junior Cash ISA rate (3.00% tax free/AER variable) will apply."

innovate

pmjenkins wrote: »

... 6% if an adult cash ISA is held, 3% otherwise.

There is no need for an adult ISA if the kid is 16+. Which he is. Therefore the Halifax JISA is the best option by a mile.

Please do check before you put people off a great account.