A&L childrens savings accounts - only 2 weeks to go before the interest rate crashes

Swattie

Just thought I'd remind those of you who have your childrens accounts with A&L that the interest rate will be slashed on 3rd July - a Sunday.

Should you wish to move your childrens money - to close the account you need 2 proofs of ID for the account holder (depending whether the account is in the childrens or your name) one of which should be a photo id if possible.
The account holder MUST be present - you cannot close the account on behalf of your child if the account is in their name.

If you want to take cash out (to avoid all the delays that occur with cheques and subsequent loss of interest) you need to book the money out at least 24 hours in advance if it is over £500.

A&L may try to persuade you to leave the money in as there "may be different account offers in the near future" (which is what I was told), but as no further info was available I think it was just a tactic to avoid closing the account.

jo_b_2

Swattie wrote:

The account holder MUST be present - you cannot close the account on behalf of your child if the account is in their name.

.

Does that apply if the child id under seven? My little boy (under 3) will play havoc if we have to wait around for ages in our local branch! :rolleyes:

I think I'll just transfer all the money over to my A+L current account before the interest rate drops and then deposit in Halifax Save4It.

Swattie

If the child is under 7, I think the account is held by the parent on behalf of the child - and you will need to take 2 forms of ID.

I'd take ID for both of you just in case.

baked_beans_lady

My children and I armed with IDs went in to A&L to close my children's saving accounts yesterday. No problem at all. I didn't request cash they just closed the accounts and printed cheques out there and then. You have option to have the cheque either made out to your child's name or yours.

Ideal ID for adult is passport, and birth certificate for child.

It's a shame that A&L decides to crash interest on children saving accounts. Anyway, Halifax is currently offer excellent rate on Young Regular Saving Account and reasonable Save4it account for children so we move the money to there instead.