Nationwide Future Saver (child account) rate drop

fred246

Every year I get the voting pack for the annual general meeting. Before throwing it in the recycling I always point at a picture of the directors and say to my kids "That is the job you want. Million pound a year for doing. Well I have not got a clue what they do. They don't seem to do anything. You need to get a job like that." I always used to vote against the renumeration but nothing ever changed.

cloud_dog

ratechaser said:
....

Or possibly they take the view that people won't transfer out to NS&I for the sake of an 0.3% difference in rate.

TBH, I had forgotten about the NS&I JISA.  I'm assuming that with the recent reversal to dropping interest rates, it is likely (?) that the NS&I JISA at 3.25% will remain at that level.  Hmmm. 

justme111

JISA is not a replacement of an account like future saver though - as someone in this thread explained well earlier with JISA the child starts managing it from 16(or 18) automatically while with Future saver parent was managing it until they decide to give it to the child /child sues them ..😕

cloud_dog

No, it is not a like-for-like but, in my situation, given where we are in our cycle, and what I know currently re the young person, placing the Future Saver cash in to the JISA is appropriate (and offers a good interest rate).  If I had doubts about the young persons financial abilities then I would be tempted to try to retain a degree of control and would not do what I am planning.

duckson

Letters this morning for my kids NW CTF's, 3% to 1% its stating (these were opened 2004/2006/2008).
My Mrs is adament there is a bonus paid on them if you pay in more than £240 a year, is this still true ( i do recall it from years ago) as i can only find out it being mentioned online briefly but not sure if its changed to a straight % rate over time?
Anyway thinking of moving them to a JISA now and NS&I.....