Savings account bank account choice help

Kris_the_joiner

Hi I'm new

Want to quiz the experts here for advice on savings accounts.

We have 2 boys they have Halifax child savers at 2%
And we have Halifax online saver at a poor 0.2%
Also 2 current is with Halifax reward

So looking into better deals for all of us. Noticed theres some out there for kids offering 3-3.5% but weve got to have a current account with the same bank to be eligible so means swapping about ect

So we want a regular saving account for us and kids that will allow withdrawals should need to. Ideally we dont want to withdraw but you never know what's around the corner.
Based on £20 each boy every month by standing order and us £50 month standing order
Options??
Thanks

xylophone

https://www.thisismoney.co.uk/money/saving/article-1583864/Best-savings-rates-Isas-Cash-Isa-accounts-fixed-rate-Isas.html

https://www.moneysavingexpert.com/news/tag/current-accounts/

Dazed_and_confused

Coventry had a Junior ISA paying 3.5%, not sure if it's still available or what terms are for multiple payments but worth a look.

Providing you can cope with only having easy access on your own (adult) accounts.

Kris_the_joiner

Forgot to add. Would be great if it can be opened online.

Are isa any good now days?

Kris_the_joiner

I'm not interested in these big offers of 5% bonus then after a year worthless
I just want a set and forget type of savings accounts. With the online saver we have with Halifax is only 0.2% so I'm after something better

Alexland

Kris_the_joiner wrote: »

I just want a set and forget type of savings accounts.

The market reality is that if you don't keep shopping around you end up on a poor rate.

Alex

Kris_the_joiner

Thinking about it. Not really gonna make much return on £50 month no matter what account I get based on the rates on offer. Not worth swapping bank accounts.

katsu

hi Kris,

Like Alex has said, to get the best interest on your savings you need to move around.

For money you have already saved up for yourselves as adults, you could look at, for example a several year fix. You can then "forget" about that money. Those accounts generally cannot be added to and either have rules like "you must give 90 days notice to get the money out" or other restrictions like only so many withdrawals in a year, or needing to close the account to take money out, so you need to read the terms.

The best thing to do with the new £50 a month would be to put it into a regular saver. You can get 10x better interest than you are currently receiving if you just open a Halifax regular saver for a year as that pays 2% https://www.halifax.co.uk/savings/fixed-term/regular-saver/. There are far better regular savers with other providers - see the forum posts or the main site articles on the tabs at the top of the page. If you opened a regular saver, at the end of the year you would get all the money, plus the interest, put into your lower interest savings account so it would be available to you.

You can definitely do better than this but if you think it is not worth you swapping to a different company than maybe at least look at the regular saver for yourselves.

It honestly is not that much work to make a note on a calendar to look at your account in 12 months' time and find a new place to put the money etc, but it is your choice what feels right for you. I hope this idea is some help if you want to keep things super easy.