Halifax 10% Regular Savings Account

Bun

This account is particularly good ( I have the particulars in front of me) as each child can have several accounts opened for them, by parents, grandparents etc. Any number of adults, as long as they only open one for each child, can open these. Obviously you would have to keep an eye on the interest, but for small affordable amounts from several people it could build up quite nicely.

You can call 08457 263646 (8am - 8pm)and they can set up the account and the save4it account (at 5.05 % (I think) with freebies (including groovy coin counter which I am greatly looking forward to using) in one hit, you just need to take id in with no appointment to open them up and set up your so.

Wow, I could get commission......I'm in the wrong job. :money:

Smiley_Mum

I just called about this 10% interest account and the guy told me that the standing order would have to be set from a current account, not able to pay in over the counter. My current account which is with Halifax pays sod all interest as the money I put in it is just in and out for bills by D/D. Couldn't manage to put money in the £1,000 a month one so what should I do? I was hoping I could take the money from the Smart2save on a monthly basis at the Nationwide and place it in the Regular Saver at the Halifax. What current account pays a decent rate for £500 a month pay ins. Any info appreciated, thank you.

grumbler

Smiley_Mum wrote:

What current account pays a decent rate for £500 a month pay ins...

Cahoot 4.35/4.25% without/with chequebook.

KD

Bun wrote:

You can call 08457 263646 (8am - 8pm)and they can set up the account and the save4it account (at 5.05 % (I think) with freebies (including groovy coin counter which I am greatly looking forward to using) in one hit, you just need to take id in with no appointment to open them up and set up your so.

I opted to go to the branch and open up the accounts (not an HBOS customer-so couldn't apply on line and have access to local branch).

I had to take identification for both the children and I (passports). Once set up, the account can be managed online- (although given the product particulars you would essentially just view this info, as you wouldn't want to forfeit the potential interest).

If you want to open account for another child you need their passport/birth certificate etc. I wanted to open one for my Godson and they won't process it until they see these original identification documents. they have suggested he takes the documents into his local branch who can copy it and certify it as original seen and fax it to my branch (thought that was quite helpful)

Freebie coin sorter is grest - my kids played with it for a couple of hours. Also get a nylon duffel bag, complete with free logo!


Process at bank was bit labourious- staff seems a little uncertain about processing it - suppose will improve over next few days as their experience grows.

My kids accounts are up and running - quite happy to review it in a year's time - got to be the best rate around.

Bun wrote:

the save4it account (at 5.05 % (I think)

can confirm the save4it account stands at 5.05%

Former_MSE_Dan

Halifax have confirmed that any child can have numerous accounts opened for them, each in the name of one adult.

i.e. If Mum, Dad, Uncle Jack and Aunty Jill and Dave from down the pub all want to open an account in trust for little Tommy, then 5 of these 10% paying accounts can be opened.

Also, there is no limit to tax-free interest that children can earn on money given from non-parents, and Tommy can also earn up to £100 tax-free on deposits put in by both Mum and Dad.

System

I have noticed that rate is only given for the first 12 months. What happens to the money after that? Does it have to go into another account set up for the child and as parents do we have access to that money? I was thinking of opening one each for my two boys and at the end of the twelve months i will have enough in for the school uniforms.

Kazza242

Judi wrote:

I have noticed that rate is only given for the first 12 months. What happens to the money after that? Does it have to go into another account set up for the child and as parents do we have access to that money? I was thinking of opening one each for my two boys and at the end of the twelve months i will have enough in for the school uniforms.

After 1 year the money + interest is transferred into Halifax's Save4it account (currently paying 5.05%) or another savings account held by the adult on the child's behalf.

WizeOwl

Hi Everyone - this is my first post on this website

I opened 2 child regular saver accounts today and was told the same as MSE Dan explained above - multiple account can be opened , however in order to enable this a seperate transfer account must be opened for each Trustee -

This becomes quite a lot when grandparent get involved (i.e. mum & dad & gran & granddad = 8 x regular saver accounts + 8 x save4it accounts ).
However this would allow an annual total of £4800 to be invested . As the EAR is guaranteed for the full 12 months - this may be worth the time expecially at 10%

Regards

System

I opened an account today for my son. It was easy to set up and i came away with a moneybox for him.

A question i have, i opted to have my standing order go out on the 1st of the month but i now realize i may of left it a bit late. I have a form to send off to my bank setting up the standing order but thats going to take a few days to get there so i am wondering. Since i have all the details on the form, has anyone tried setting up their standing order themselves online? If i did, it would be set up in minutes rather than days.

mary

I always set up my own Standing Orders. I know the job is done then and can see it on line. It's 2 minutes on line. Mine are with LloydsTSB. I guess most standing orders with banks operate the same way. Just give them a ring first and if they say you can do it yourself, then go ahead.