Halifax Kids Monthly Saver Account

Peter_Hawkins

Does anyone have any experience of the above account? The first anniversary is due soon and the sum accrued in the Kids Monthly Saver (at 4.50%) will automatically move to the Halifax Kids Saver (at 1.98%). Are there any pitfalls/penalties in moving the sum out of the Kids Saver (once it has transferred across) into another savings account/ISA where we could attract more interest?

pan111

There wont be no.
Im in a similar situation. The anniversary is coming up, but the top saver still seems to be Halifax.
I want to know if I can open another of these accounts for my kids if I already have one...and then get another year of the 4.5%

crumpetman

I have had this account for years and what happens is that when the internet is paid Halifax move the total from the regular saver to a kids saver but the regular saver remains open. You shouldn't need to apply for a new one or even change your standing order as the account number and sort code remain the same.

jasspoony

Hi I also have both the kids halifax accounts, my eldests has just matured again which has taken the kids saver to over £5000 and seen as the interest is only 0.2% for the amount over the £5000 I was wondering if I am able to move some back into the monthly saver to get the 4.5% or if that is not allowed? Otherwise would I be better off moving some into an ISA maybe? Thanks

xylophone

some into an ISA

Does your child have a JISA? Coventry still offers 3.6%.

https://www.coventrybuildingsociety.co.uk/consumer/product/savings/children/junior-cash-isa.html

adamzap

crumpetman said:

I have had this account for years and what happens is that when the internet is paid Halifax move the total from the regular saver to a kids saver but the regular saver remains open. You shouldn't need to apply for a new one or even change your standing order as the account number and sort code remain the same.

Do you know if there's anything to stop you moving the money out of the kids saver (say, into your own account) and then paying it in to the monthly saver for another year?

strawb_shortcake

xylophone said:

some into an ISA

Does your child have a JISA? Coventry still offers 3.6%.

https://www.coventrybuildingsociety.co.uk/consumer/product/savings/children/junior-cash-isa.html

Coventry are due to reduce this to 2.95% soon, cant recall the actual date on the letter.

xylophone

Coventry are due to reduce this to 2.95% soon, cant recall the actual date on the letter.

Transfer to NS&I?

https://www.nsandi.com/junior-isa

surreysaver

jasspoony said:

Hi I also have both the kids halifax accounts, my eldests has just matured again which has taken the kids saver to over £5000 and seen as the interest is only 0.2% for the amount over the £5000 I was wondering if I am able to move some back into the monthly saver to get the 4.5% or if that is not allowed? Otherwise would I be better off moving some into an ISA maybe? Thanks

I have a nominal £25pm going into my Kids Monthly Saver. I top it up every month from the previous year's maturity languishing in the Kids Saver. 

surreysaver

adamzap said:

crumpetman said:

I have had this account for years and what happens is that when the internet is paid Halifax move the total from the regular saver to a kids saver but the regular saver remains open. You shouldn't need to apply for a new one or even change your standing order as the account number and sort code remain the same.

Do you know if there's anything to stop you moving the money out of the kids saver (say, into your own account) and then paying it in to the monthly saver for another year?

No. I have other accounts with the Halifax/BoS, and can move money willy nilly between my child's and my accounts within the app. The only account I cannot view is my child's jISA.
Just be aware this hasn't always been the case, as the Halifax have changed how accessible children's accounts are, by as flexible as they are now, to unviewable, and viewable but unable to perform transactions. 

jeetster

1.98% upto £5000 in the halifax kids saver is still good! But if you open up a cash Jisa with NS&I then it's around 3.2%.
Given interest rates are rather poor at the moment, maybe have a flutter on premium bonds with some of it.