halifax childrens regular saver @ 9+%

TimC

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

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

Please see

http://forums.moneysavingexpert.com/showthread.html?p=598158#post598158

TimC

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!