Is Lloyds Baby Saver Account A Deal or Not??

m.colak

Baby was born 4 days ago and now am starting to look round for a decent account to open in baby's name so as we can pay some money in every month so he has enough for a car or deposit when he's eighteen etc.

SO have been into Lloyds and at the same time found out about the new government baby bond very pleased and surprised i asked for a leaflet and started reading through the keyfacts and terms and conditions. I found that if i added nothing to the account the bank would have charged £279 on the account by the time he was 18 (thats one of the government £250 gratis money already gone) meaning that he would have on £1,090.

If i invested £50 a week then the charge would now be £3,400 meaning he would end up with £19,100 now i ask you if this money is going to a baby-18 is it fair the bank charging a 1.5% charge on the saving's yearly??

Crabman

Congratulations! :j

Have a read of the article which also links to the best-buy accounts (up to 7.5% interest available) and ask any questions you need to:

Child Trust Funds: How to make the most of your voucher

(also see the free Child Trust Funds PDF Guide)