Best savings accounts for children

northernlass_2

After a considerable length of time studying i now have a decent job and would like to start saving for my childrens future about £10 a week to start with, ive never been able to before so i dont know where to start. i know absolutely nothing about childrens bank accounts or tax etc. can someone point me in the right direction please. Thank you.

Liz_the_Whizz

hi northernlass

We have a Halifax Childrens Regular Saver for our son.

You can pay in between £10 and £100 per month. It pays 10% interest which is fixed for one year, then the money transfers into a Save4It account which pays 6.05% interest - still not bad for an instant access account.

You have to open both accounts at the start. You can complete an R85 form for both to stop tax being deducted from the interest (assuming your kids don't pay tax:cool: ).

Once the money sweeps into the Save4It account, the Regular Saver then just carries on at whatever rate is fixed for the following year. Since we started, it's never varied from 10%, but who knows now rates are going down? Certainly still 10% on their website at present.

http://www.halifax.co.uk/savings/childregularsaver.asp

Mikeyorks

As previous post the Halifax 10% Regular Saver is difficult to beat for regular smallish sums. But do check you stay with the conditions.

In general - there are links directly above your post ... you should read first. In particular this one (which shows as 'Kids') :-

http://www.moneysavingexpert.com/savings/child-savings-tax-free