A & L Slash Child Account rates

viggette

I have just opened new children's accounts at the Halifax for my 2. They each got a free rucksack and a great money box which kept them amused for ages (they are only little!). Had been with A&L since 2003, attracted there by the interest rate; before that they were with Nationwide, but I was sick of the huge queues everytime I went in.

vig

mary

Closed my kids A & L account today and enquired why they were reducing the rate so much. The girl behind the desk said they want to get rid of pass books and just stick with the ATM machines. Will this be the same for other organisations I wonder?

realaledrinker

Still four weeks before the rate drops. Why are people moving to lower rate accounts now. Don't understand.

mary

When your nearest branch is several miles away and you have to get the kid's signatures to close the account, it's easier to go in half term, and forfeit the 26 days' interest - that's the reason why.

beaker141

pthompson wrote:

Rather than closing the account (the day before the rate drops in July), can anyone see any problem with just withdrawing everything except 1p (to spite them)?

I really like this idea - I think I will leave a minimum balance in - will report back if I get any trouble doing so !

deefadog

So where has everyone moved too?

mary

Halifax Save4It 5.05%

NickB_3

Was thinking about the Nationwide, just for ease of getting to the branch (yes I know its lazy !).....but then it may be better to use a DD into the new 10% halifax account and keep the rest in Halifax Save4It .... and not bother walking to branches at all ! :T

mary

Just been speaking to a manager at the Halifax locally. It seems you will have to transfer the money from a current account by Standing Order, which you won't be able to do from a Save4It account, as that is a savings account, not current.