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Regular Saver but with withdrawals - Help?

Ms_Sparkle
Posts: 86 Forumite
Hi,
I'm not debtfree at present, and I know I should try and be debtfree before I start savings, however I want to start saving for my two childrens birthdays and christmases, meaning that I will have the money ready rather than scrimping and saving that month (I think its called the piggy bank technique). I'm just not sure what account to put the money in. I have a regular Halifax savings account for them, and also a Halifax save4it account, but these are there accounts for them when there older, where I put any money they recieve from relatives. Do you think I should use the childs account, or use a normal savings account. There will be approximately 3 to 4 withdrawals a year, with £40 per month being put away. Can anyone please advise me on the best option, and what account. I have searched and searched, but have just got too confused.
Many thanks!
I'm not debtfree at present, and I know I should try and be debtfree before I start savings, however I want to start saving for my two childrens birthdays and christmases, meaning that I will have the money ready rather than scrimping and saving that month (I think its called the piggy bank technique). I'm just not sure what account to put the money in. I have a regular Halifax savings account for them, and also a Halifax save4it account, but these are there accounts for them when there older, where I put any money they recieve from relatives. Do you think I should use the childs account, or use a normal savings account. There will be approximately 3 to 4 withdrawals a year, with £40 per month being put away. Can anyone please advise me on the best option, and what account. I have searched and searched, but have just got too confused.
Many thanks!
No more spending hard - Time for the scrimping!
0
Comments
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Most regular savers only allow 1/2 withdrawals a year without suffering a massive loss of interest, KRBS does allow unlimited withdrawals, reg saver rate is poor though.
http://www.krbs.co.uk/regular.aspx
U might as well just have an online easy access account, yorkshire BS pays 6.20% Gross which although isnt highest online rate has link card facility which is handy should u wish to draw out cash quickly and easily.
http://www.ybs.co.uk/savings/online/internetsaver/keyfeatures.jsp0 -
Brilliant thanks, I'll look in to that. Is there other easy access accounts with a higher interest or is that the only one?No more spending hard - Time for the scrimping!0
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Brilliant thanks, I'll look in to that. Is there other easy access accounts with a higher interest or is that the only one?
http://www.moneyfacts.co.uk/savings/bestbuys/instant-access-savings-accounts.aspx
http://www.moneyfacts.co.uk/savings/bestbuys/internet-savings-accounts.aspx0 -
bristolleedsfan wrote: »Most regular savers only allow 1/2 withdrawals a year without suffering a massive loss of interest, KRBS does allow unlimited withdrawals, reg saver rate is poor though.
http://www.krbs.co.uk/regular.aspx
U might as well just have an online easy access account, yorkshire BS pays 6.20% Gross which although isnt highest online rate has link card facility which is handy should u wish to draw out cash quickly and easily.
http://www.ybs.co.uk/savings/online/internetsaver/keyfeatures.jsp
The YBS Internet Saver account pays 6% now.0
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