We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Child savings advice
Options
Comments
-
@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.0 -
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)..? Thanks0
-
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards