Halifax Kids Monthly Saver - standing orders question

birdofpassage

Hi, I am a bit confused regarding the regular saver account (Halifax Kids Monthly Saver, 12 months fix rate 4%). I opened an account for my child - applied last week, opened today 28 Sep. I transferred £100 to the account today and I plan to set-up 11 standing orders for £100 each. Can I set-up the SOs starting 1 October or do I need to wait until 28 October (one month from the first £100 transfer in). Thank you. 

xylophone

https://www.halifax.co.uk/savings/kids/kids-monthly-saver.html
The only rule appears to be that the money reaches the account by the 25th of the month.

birdofpassage

Thank you. 

reub075

birdofpassage said:

Hi, I am a bit confused regarding the regular saver account (Halifax Kids Monthly Saver, 12 months fix rate 4%). I opened an account for my child - applied last week, opened today 28 Sep. I transferred £100 to the account today and I plan to set-up 11 standing orders for £100 each. Can I set-up the SOs starting 1 October or do I need to wait until 28 October (one month from the first £100 transfer in). Thank you. 

I have two Halifax Kids Monthly Saver accounts, one per child, funded by SO from joint Halifax/BOS current account.
The accounts were initially opened mid-month for each child, and so the standing orders were also mid-month.
I was able to change the SOs to fund the accounts on the first working day of the month, since the accounts seem to operate on calendar months and not 'statement months'.
Therefore before the account is two months old, there can be two deposits made e.g. 28th Sep, and 1st Oct.
The downside is for accounts opened earlier in a partial month and initial deposit made same day - such as 14 Sep.
Upon account anniversary, the balance plus interest is deposited to the linked Kids Saver account, and the Kids Monthly Saver is reset to £0 balance and the interest rate is changed to the current interest rate offered to new Kids Monthly Saver accounts.
But since the account number and sort code are unchanged on the Kids Monthly Saver, no further deposits can be made in the current calendar month, because "this month's deposit" was made to the Kids Monthly Saver account just prior to it's maturity in the current calendar month.
I hope this helps, and hope this makes sense!

LeadFarmer

I opened one of these for my 14yr old son when he about 2 years old. It paid 10% back then. However you have to bear in mind that you only really get the full interest rate on the first months investment, as the 2nd one is only in the account for 11 months, then 10 months etc...

surreysaver

LeadFarmer said:

I opened one of these for my 14yr old son when he about 2 years old. It paid 10% back then. However you have to bear in mind that you only really get the full interest rate on the first months investment, as the 2nd one is only in the account for 11 months, then 10 months etc...

You get the full interest rate on the whole lot, for the length of time its in the account. The rate of interest doesn't change, just the amount of money in the account