Child savings advice

refluxer

@ZeroSum One advantage of the Halifax is that you can often transfer money via online banking (to whichever new account you set up elsewhere) directly from the child's account.

With other banks (eg. Barclays) the only options for transferring from their childrens' savings account are internal, meaning that any time I want to transfer savings from my child's Barclays account to one of their other accounts, I have to do it via my own Barclays current account, which I would imagine increases the risk of the HMRC thinking the money has come from me. Saying that, I've moved money around for my kids to get the best interest rates for years and the activity has never been questioned, no matter which method I use for moving their money around.

Wizard69

Just to jump in here with the £100 annual tax allowance on savings interest for children (generated from money given by parents). Is this money given by parents in that particular year or does it mean cumulatively over a number of years?  And if the interest per year does go over £100, does it have to be declared to HMRC or is this only if when adding to your own allowance it would push this over £1000 (basic rate taxpayer)..? Thanks

xylophone

https://www.gov.uk/savings-for-children