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halifax childrens regular saver @ 9+%

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Comments

  • TimC
    TimC Posts: 142 Forumite
    Kazza242 wrote:
    I found some info on it from the 'myfinances' website. Click Here.
    According to that site, you can open any number of accounts per child:
    With a headline rate of ten per cent, and parents able to open more than one account per child, the Halifax Children's Regular Saver is already creating a buzz in the industry.
    This will take some setting up to get all the payments in place too!

    Regarding the tax, am I correct in saying that as long as my wife, (a non-taxpayer) is the nominee then we don't have to worry about the £100 interest limit - just her personal allowance - which won't be in any danger until the mortgage is paid off??
  • lipidicman
    lipidicman Posts: 2,598 Forumite
    I guess, as if you go over the £100 interest then it is taxed as the parents - so if your wife gave it, then it would be taxed as if it was hers and form part of her allowance.

    Im not sure about the myfinances site
    Halifax has released a child savings account paying ten per cent gross (i.e. after tax) interest on investment.
    shouldn't that read 'before tax'? So maybe they have made other mistakes - why would halifax have a limit, then allow you to open many accounts. I suspect it may be one per parent (though I have no evidence for this, so I may well be wrong)
  • MSE_Martin
    MSE_Martin Posts: 8,272 Money Saving Expert
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    Martin Lewis, Money Saving Expert.
    Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
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  • TimC
    TimC Posts: 142 Forumite
    Yep - one account per adult, as suspected by lipidicman.

    Still, I reckon that we can open four (two for each daughter with separate nominees) - as long as any accounts with me as the nominee don't earn more than £100.

    And a word with the grandparents might be in order at the weekend!
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