Top saving accounts for children.

pookey

Hi looking to move my daughter's money around to get a better rate. I don't want to do a junior ISA at the moment, probably wait a few more year as I've read that the money can't be touched until she's am adult. She's only 3 at the moment so it feels like such a long time to lock it away for.

We currently have Santander mini at 3% up to 2k
Halifax kids saver 2.23% 3.5k
Halifax monthly saver 5%

Also my mum has around 10k in the Halifax kids saver too. 

I wanted to open the Yorkshire one day account at 3.27% but I can't see it anymore so I think I missed it.

Any better accounts please? 

wmb194

pookey said:

Hi looking to move my daughter's money around to get a better rate. I don't want to do a junior ISA at the moment, probably wait a few more year as I've read that the money can't be touched until she's am adult. She's only 3 at the moment so it feels like such a long time to lock it away for.

We currently have Santander mini at 3% up to 2k
Halifax kids saver 2.23% 3.5k
Halifax monthly saver 5%

Also my mum has around 10k in the Halifax kids saver too. 

I wanted to open the Yorkshire one day account at 3.27% but I can't see it anymore so I think I missed it.

Any better accounts please? 

You should get on with a S&S JISA now, why wait?

Anyway, children's savings accounts:

https://moneyfactscompare.co.uk/savings-accounts/childrens-savings-accounts/?quick-links-first=false

MX5huggy

Are you aware that if the child receives more than £100 in interest from money that parents (not grandparents or anyone else) have given them then that interest is taxed as if it was received by the parent? 

JISA avoids this. 

My conclusion is that saving for children is a bit of an over complication just use your own savings strategy using ISA’ allowance Pensions etc to improve your own savings and give them money when you want. 

Albermarle

My conclusion is that saving for children is a bit of an over complication just use your own savings strategy using ISA’ allowance Pensions etc to improve your own savings and give them money when you want.

Although not a bad idea to let them have a small savings account separately, once they are old enough, to which they can add birthday gifts etc and occasionally withdraw some. A good way to get them used to dealing with such things. 

Otherwise I agree that making sure you ( the parents) are in a good financial position is more important.

pookey

wmb194 said:

pookey said:

Hi looking to move my daughter's money around to get a better rate. I don't want to do a junior ISA at the moment, probably wait a few more year as I've read that the money can't be touched until she's am adult. She's only 3 at the moment so it feels like such a long time to lock it away for.

We currently have Santander mini at 3% up to 2k
Halifax kids saver 2.23% 3.5k
Halifax monthly saver 5%

Also my mum has around 10k in the Halifax kids saver too. 

I wanted to open the Yorkshire one day account at 3.27% but I can't see it anymore so I think I missed it.

Any better accounts please? 

You should get on with a S&S JISA now, why wait?

Anyway, children's savings accounts:

https://moneyfactscompare.co.uk/savings-accounts/childrens-savings-accounts/?quick-links-first=false

We may buy a house for her in the future so may need access to this money

pookey

MX5huggy said:

Are you aware that if the child receives more than £100 in interest from money that parents (not grandparents or anyone else) have given them then that interest is taxed as if it was received by the parent? 

JISA avoids this. 

My conclusion is that saving for children is a bit of an over complication just use your own savings strategy using ISA’ allowance Pensions etc to improve your own savings and give them money when you want. 

Thank you, yes I found this out a couple of months ago. Saving rates weren't great so it wasn't an issue until now. I've put 20k in an ISA using last year's allowance. I'm going to open another one up for this year so should be OK for this year too. 

Yes I may do as you suggested and save the money myself and give it to her later. Thanks for your advice 

wmb194

pookey said:

wmb194 said:

pookey said:

Hi looking to move my daughter's money around to get a better rate. I don't want to do a junior ISA at the moment, probably wait a few more year as I've read that the money can't be touched until she's am adult. She's only 3 at the moment so it feels like such a long time to lock it away for.

We currently have Santander mini at 3% up to 2k
Halifax kids saver 2.23% 3.5k
Halifax monthly saver 5%

Also my mum has around 10k in the Halifax kids saver too. 

I wanted to open the Yorkshire one day account at 3.27% but I can't see it anymore so I think I missed it.

Any better accounts please? 

You should get on with a S&S JISA now, why wait?

Anyway, children's savings accounts:

https://moneyfactscompare.co.uk/savings-accounts/childrens-savings-accounts/?quick-links-first=false

We may buy a house for her in the future so may need access to this money

How far in the future? "May" doesn't indicate any certainty anyway; JISAs aren't the only way to invest for children, there are bare trust brokerage accounts which give easy access e.g., AJ Bell's offering.

https://www.ajbell.co.uk/investing-for-children/dealing-accounts-for-children

ForumUser7

pookey said:

Hi looking to move my daughter's money around to get a better rate. I don't want to do a junior ISA at the moment, probably wait a few more year as I've read that the money can't be touched until she's am adult. She's only 3 at the moment so it feels like such a long time to lock it away for.

We currently have Santander mini at 3% up to 2k
Halifax kids saver 2.23% 3.5k
Halifax monthly saver 5%

Also my mum has around 10k in the Halifax kids saver too. 

I wanted to open the Yorkshire one day account at 3.27% but I can't see it anymore so I think I missed it.

Any better accounts please? 

The reason you won’t see the YBS One Day at 3.27% anymore is because it’s gone to 3.55% - so good news.

Another notable one is Leeds BS Ronnie the Rhino at 3.9% - https://www.leedsbuildingsociety.co.uk/savings/childrens-savings-accounts/ronnie-the-rhino-youngsaver/

Here are the respective MoneyFacts pages, note that I have applied filters that can be changed under ‘full search’:

Mostly EAs

https://moneyfactscompare.co.uk/savings-accounts/childrens-savings-accounts/?id=null&business-type=16&activity-type=null&investment-amount=1000&investment-type=1&account-types=32&interest-paid-frequencies=null&terms=null&account-opening-methods=null&account-management-methods=null&notice-periods=null&include-notice-period=true&include-term=false&age=3&has-withdrawal-restrictions=2&existing-customers-only=2&is-shariaa=2&joint-account-only=2&quick-links-first=false

Mostly RSs
https://moneyfactscompare.co.uk/savings-accounts/childrens-savings-accounts/?id=null&business-type=16&activity-type=null&investment-amount=100&investment-type=2&account-types=32&interest-paid-frequencies=null&terms=null&account-opening-methods=null&account-management-methods=null&notice-periods=null&include-notice-period=true&include-term=true&age=3&has-withdrawal-restrictions=2&existing-customers-only=2&is-shariaa=2&joint-account-only=2&quick-links-first=false

pookey

wmb194 said:

pookey said:

wmb194 said:

pookey said:

Hi looking to move my daughter's money around to get a better rate. I don't want to do a junior ISA at the moment, probably wait a few more year as I've read that the money can't be touched until she's am adult. She's only 3 at the moment so it feels like such a long time to lock it away for.

We currently have Santander mini at 3% up to 2k
Halifax kids saver 2.23% 3.5k
Halifax monthly saver 5%

Also my mum has around 10k in the Halifax kids saver too. 

I wanted to open the Yorkshire one day account at 3.27% but I can't see it anymore so I think I missed it.

Any better accounts please? 

You should get on with a S&S JISA now, why wait?

Anyway, children's savings accounts:

https://moneyfactscompare.co.uk/savings-accounts/childrens-savings-accounts/?quick-links-first=false

We may buy a house for her in the future so may need access to this money

How far in the future? "May" doesn't indicate any certainty anyway; JISAs aren't the only way to invest for children, there are bare trust brokerage accounts which give easy access e.g., AJ Bell's offering.

https://www.ajbell.co.uk/investing-for-children/dealing-accounts-for-children

I'm still deciding whether to return to work this year or next year. Will also depend on the market and interest rates. So there's no certainty but I need to keep the options open.

Thanks I'll take a look at the link

pookey

ForumUser7 said:

pookey said:

Hi looking to move my daughter's money around to get a better rate. I don't want to do a junior ISA at the moment, probably wait a few more year as I've read that the money can't be touched until she's am adult. She's only 3 at the moment so it feels like such a long time to lock it away for.

We currently have Santander mini at 3% up to 2k
Halifax kids saver 2.23% 3.5k
Halifax monthly saver 5%

Also my mum has around 10k in the Halifax kids saver too. 

I wanted to open the Yorkshire one day account at 3.27% but I can't see it anymore so I think I missed it.

Any better accounts please? 

The reason you won’t see the YBS One Day at 3.27% anymore is because it’s gone to 3.55% - so good news.

Another notable one is Leeds BS Ronnie the Rhino at 3.9% - https://www.leedsbuildingsociety.co.uk/savings/childrens-savings-accounts/ronnie-the-rhino-youngsaver/

Here are the respective MoneyFacts pages, note that I have applied filters that can be changed under ‘full search’:

Mostly EAs

https://moneyfactscompare.co.uk/savings-accounts/childrens-savings-accounts/?id=null&business-type=16&activity-type=null&investment-amount=1000&investment-type=1&account-types=32&interest-paid-frequencies=null&terms=null&account-opening-methods=null&account-management-methods=null&notice-periods=null&include-notice-period=true&include-term=false&age=3&has-withdrawal-restrictions=2&existing-customers-only=2&is-shariaa=2&joint-account-only=2&quick-links-first=false

Mostly RSs
https://moneyfactscompare.co.uk/savings-accounts/childrens-savings-accounts/?id=null&business-type=16&activity-type=null&investment-amount=100&investment-type=2&account-types=32&interest-paid-frequencies=null&terms=null&account-opening-methods=null&account-management-methods=null&notice-periods=null&include-notice-period=true&include-term=true&age=3&has-withdrawal-restrictions=2&existing-customers-only=2&is-shariaa=2&joint-account-only=2&quick-links-first=false

Thank you very much I'll take a look at them. 
I can't see the YBS one day account on the website so I think it might have been withdrawn.  I need to call them anyway so I'll try to confirm tomorrow 

ForumUser7

pookey said:

ForumUser7 said:

pookey said:

Hi looking to move my daughter's money around to get a better rate. I don't want to do a junior ISA at the moment, probably wait a few more year as I've read that the money can't be touched until she's am adult. She's only 3 at the moment so it feels like such a long time to lock it away for.

We currently have Santander mini at 3% up to 2k
Halifax kids saver 2.23% 3.5k
Halifax monthly saver 5%

Also my mum has around 10k in the Halifax kids saver too. 

I wanted to open the Yorkshire one day account at 3.27% but I can't see it anymore so I think I missed it.

Any better accounts please? 

The reason you won’t see the YBS One Day at 3.27% anymore is because it’s gone to 3.55% - so good news.

Another notable one is Leeds BS Ronnie the Rhino at 3.9% - https://www.leedsbuildingsociety.co.uk/savings/childrens-savings-accounts/ronnie-the-rhino-youngsaver/

Here are the respective MoneyFacts pages, note that I have applied filters that can be changed under ‘full search’:

Mostly EAs

https://moneyfactscompare.co.uk/savings-accounts/childrens-savings-accounts/?id=null&business-type=16&activity-type=null&investment-amount=1000&investment-type=1&account-types=32&interest-paid-frequencies=null&terms=null&account-opening-methods=null&account-management-methods=null&notice-periods=null&include-notice-period=true&include-term=false&age=3&has-withdrawal-restrictions=2&existing-customers-only=2&is-shariaa=2&joint-account-only=2&quick-links-first=false

Mostly RSs
https://moneyfactscompare.co.uk/savings-accounts/childrens-savings-accounts/?id=null&business-type=16&activity-type=null&investment-amount=100&investment-type=2&account-types=32&interest-paid-frequencies=null&terms=null&account-opening-methods=null&account-management-methods=null&notice-periods=null&include-notice-period=true&include-term=true&age=3&has-withdrawal-restrictions=2&existing-customers-only=2&is-shariaa=2&joint-account-only=2&quick-links-first=false

Thank you very much I'll take a look at them. 
I can't see the YBS one day account on the website so I think it might have been withdrawn.  I need to call them anyway so I'll try to confirm tomorrow 

You’re right - it appears to not be there. YBS usually advertise that they are withdrawing accounts, so I’m surprised they didn’t for this. Probably keep an eye out in case it is a temporary withdrawal to help them catch up on account openings or something.

I suppose Leeds is a much better option rate-wise anyway luckily