Advice please on child's savings

carlislekev

Hello all,

I expect this has been asked before - apologies if it has. I've had a good look through the forums and can't see it covered.

I opened a Halifax Regular Children's Savings account in February last year (the one with 10% interest AER) and a Halifax Save4it, both for my young son.

Since then I've been moving £100 a month into the Regular Savings account from my son's (lower interest paying) HSBC savings account. The last £100 will go into it next month, and if I've understood it all correctly the interest will then be paid on it before it's all swept across into the save4it, where it will then earn 5.8% AER.

I'm really unsure what to do at that point. Is there a better home for it than the Save4it? Access to the money is not an issue, I just want it to sit and earn as much as possible - my son is only a couple of years old and he won't be getting anywhere near the money for a long time yet!

Is there anything to stop me, or would it be good idea/bad idea to move the money from the save4it back to the HSBC savings account and start the whole process over again - ie a transfer of £100 a month to the Regular Savings account (still paying 10%) for the next twelve months for it then to be swept into the Save4it again and get the 10%?

Many thanks for any help anyone can give. I'm not 'thick', but I AM bamboozled by this!

Kevin.

tanith

Hi Kev and welcome... I wait to see what the answer is to your question as I was thinking about this account myself and wondered what I would do at the end of the year.....

carlislekev

Hi Tanith... nice to be made welcome, many thanks. I hope we both get the information we're looking for from a passing kind person!

Kevin.