Halifax Kids Saver questions

Mishomeister

Thinking of openning Halifax Kids saver account but need some advice.

1.This I guess is the most important question.How does the ownerhip of the account works? I understand that the account is open in a child's name but can I take the money and transfer it to my account at any time? What happens to it after maturity?
Basically I need to be able to retain the ownership of the money rather than it is sitting in some no/low interest paying account until the chils turns 18 which will be many many years ago.
2. Can I have 2 of those accounts? I have 2 children
3. Can my wife open any additional ones in her name?

xylophone

until the chils turns 18 which will be many many years ago.

In a number of years' time?

https://www.halifax.co.uk/savings/accounts/kids/#FAQs

See FAQ re tax

https://www.halifax.co.uk/savings/accounts/kids/kids-regular-saver/

To open and manage an account in trust for a child

It is clear that these accounts are held in trust and that the money is therefore a gift to the child and the money is beneficially his.

There is no need for the money to languish in a low interest account on maturity - it should be transferred to another account in the child's name and beneficially owned by the child.

MallyGirl

My DD has a Halifax young saver and a regular saver. Since the young saver cannot make payments I have to pay into the RS by SO and then withdraw the £100 from a cash machine each month. Young saver is only up to age 15, as is regular saver. When the reg saver reaches a year it transfers across to the young saver and starts again.

Mishomeister

Thank you all for clarifying. I can now see that the account is no good as the money is tied until the child is 18 which is not the type of the account that I want.