Best place to invest my daughters money

Baby_A

Hi

I want to set up a account for my daughter so I can put her child benefit directly in there every month (£70) and any money she gets for birthdays etc.

Does anyone know where is the best deal at the moment?

I was considering opening the Halifax regular account, but have such bad experiences in the past with them so was hesitant. Even then I thought its in the past forget it.....but once I did open it they sent all the packs to my old address even though I provided them my current address (obviously they have the old address still on record even though I have shut the account down). :mad: Anyway I cant be doing with the stress of going back to them and would rather steer clear!

Any ideas?

Kazza242

Perhaps the Coventry BS Family 1st account is worth considering. For the first year they will pay 7.25% interest on your child benefit money and 6.25% for the second year. Your child benefit money must be paid directly into the account by the Inland Revenue and will go into the Benefit account. All other monies (i.e. non-child benefit) will get 5.25% interest and will go into the linked saver account.

Here is the link to Coventry BS' website.

Derbyshire Building Society have a regular savings account that pays 5.85%. They require that at least £10 per month is deposited, but savers can deposit anything up to £1,000 per month. Derbyshire allow customers to set up accounts on behalf of their children. To qualify for the high rate of interest, you cannot miss more than 1 monthly deposit and can only make one withdrawal per account year (1 Aug - 31 Jul).

Baby_A

Am I going mad or does that link take me to the Oral B website???

Kazza242

I didn't have a problem with the link, but I've edited it in any case. It should be ok.

The Moneyfacts website also feature a number of savings accounts. Here is the link to Moneyfacts