Halifax kids account advise please

amazamum

I have 3 kids accounts paying 3.8%,set up end of 2000 and another paying 6.5% set up 2004,they are all exactly the same accounts paying no tax.
Why are they paying different rates as they are all the same accounts,I asked at the bank and the lad on the desk didn't know,went to ask out the back and they couldn't explain it either.
Can anybody shed so light on it,I would appreciate it before I go back into the bank on monday.
Thanks:T

shazrobo

hi, if you don't mind me asking what is the name of the children's account.
i ask because i remember changing my kids accounts wen i heard there was one with better interest rates.
just looked at their passbooks and the one they have now is called 'save 4 it'
and looking at the dates i opened it in 2002, cant remember what their original account was called
hope this helps

amazamum

Hi shazrobo,they are called Monthly Saver accounts,does this make a difference.I just can't believe that the accounts are all the same but are such different rates.
Thanks

ZARA

hi my halifax monthly savers i get 10% interest on my childrens savings, but i can only save up to £150 per month, xcellent rate!

realaledrinker

ZARA wrote: »

hi my halifax monthly savers i get 10% interest on my childrens savings, but i can only save up to £150 per month, xcellent rate!

£100 max/month

amazamum

Hi ZARA,how long is it since you opened the kids account,my mother seems to think the 6.5% that I recieve for my sons was maybe a special offer that was on at the time I opened it for him.
It just doen't seem fair that they are paying out different interest for the same accounts,if that makes sense.
I am seriously thinking of closing them and offsetting the amount on my mortgage then paying them the interest myself.

TomsMom

The current rates showing on the Halifax website are

Save4it - 6.05% gross
Children's regular saver - 10% gross
Young Saver - 3.55% gross
Monthly saver Young Savers 3.8% but with bonus it is 6.55% gross

I would check the terms and conditions of the monthly saver to make sure that you haven't done anything to lose the bonus on those you say you're only getting 3.8% on.

maple41

Hi Amazamum, providing you have stuck to the conditions (payment every month and max 1 withdrawal) and the 3 accounts are monthly young savers you get the bonus on the anniversary, but for some strange reason if you go in to the Halifax and ask them to look it up on the computer it doesn't show, only the rate at 3.8%. I nearly had a heart attack when I thought my daughter's account was only 3.8%. Just check that you got the bonus last year and everything should be ok. But as TomsMom said above there is a better rate of 10% with the Halifax for children upto age 16 of 10% as a regular saver and the child can have one opened for them by more than 1 person i.e. mother and father and grand parent etc. with a £100 max each a month.