Which Halifax account for new baby?

jimjames

Purplesky wrote: »

When I got shown them at 16, the impact of compound interest really made a mark on me. Even if you just buy them with, I dunno, christening money or birthday money early on, they can make a huge difference and they aren't a big 'investment' (starting from £25).

If you've seen the impact of compounding then you'll realise how much better investments should do over 18 years than keeping the money in cash.

Definitely worth looking at in my view, they have built up very nicely for my kids.

sl_jones

There are 2 Halifax accounts - one pays 6% for first year (before automatically switching to the other account it then pays 3%) but will only accept a max deposit of £100 a month - he already has £500 sitting here ready to bank!
The other account pays 3% and we could deposit all of his money straight away...

Have you considered putting it into a Halifax Junior ISA?, if you already have an ISA with them then they will give you an extra 1% that way your child's savings are tax free.

The yearly limit for a Junior ISA is £4,060 and you don't have to put in £100 a month if you don't want to, most places offer a minimum DD of £25. You can also stop and start whenever you want to.

Then after a year move it to another Junior ISA as most cash Junior ISA will accept transfers.

unimaginative_user_name

sl_jones wrote: »

Have you considered putting it into a Halifax Junior ISA?, if you already have an ISA with them then they will give you an extra 1% that way your child's savings are tax free.

The yearly limit for a Junior ISA is £4,060 and you don't have to put in £100 a month if you don't want to, most places offer a minimum DD of £25. You can also stop and start whenever you want to.

Then after a year move it to another Junior ISA as most cash Junior ISA will accept transfers.

The OP wants the child to have access to the money. Junior ISAs can't be accessed until the child is 18.

Ian011

King_Slayer wrote: »

We were sent a letter from Halifax stating the amount of taxed charged and the 0845 number to contact HMRC to claim it back (which I haven't done as yet).

HMRC changed their 0845 numbers over to new 0300 and 0345 numbers in several batches between April 2013 and October 2013.

The 0845 numbers were switched off in December 2014.

realaledrinker

If you do go down the regular saver / young saver route, make sure you get a cash card for the latter. These are "apparently" optional, but the numpties in Chester branch would not let DD withdraw money the other week without one. Oh yes and be prepared for the worst possible service imaginable as a quid pro quo for the decent interest rates.

Westie983

The cash card is optional as its only used for access to the money from the ATMs.
Withdrawals from the young saver is done over the counter with the account number, no need for a card, as it optional, by the controlling adult and not the young saver. so no need for a card, although it sounds like the OP just wants somewhere for the money to stay building up so the grandchild won't need a card as its not going to be withdrawn.