Using a regular savings account for a child's savings

Dunkwho

We're about to setup a cash savings account to sit along side the F&C CTF account that we setup a while back for our daughter. Reading through Martin's guide to child savings it seems I should be able to get an account with just over 6% interest for her, but the current best savings account is more like 6.4 from the most recent money saving email. So - my question is can I use any savings account for my daughter's money and have tax relief on the interest register (using an R85 form?), or do I need to look at specific child savings accounts only?

Thanks,
Duncan.

RayWolfe

You can use any provided that the provider's terms allow an under 18 saver, some don't.
There are limits to the amount of tax relief for parent's money.

Mikeyorks

Your heading is (inadvertently) misleading;) A 'regular' savings account is generally viewed as one where you put in 'regular' monthly payments. But your text suggests you're intending an 'ordinary' account ... which RayWolfes post correctly answers.

But don't miss the fact that Halifax do a 10% Regular account for children (you still have to file an R85) .... which may be a useful conduit to route money into a more 'normal' account. The Regular Saver does have to empty annually into a Sav4it account (5.8% - last time I noticed) - but you can then move it out of there if you wish :-

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

(50% of the way down this article)

Dunkwho

Ah no ... well you see is that they've used a misleading term to describe their accounts Regular hardly seems to fit the bit when they mean "scheduled" ... he he. A standard or ordinary account would have been a better description for me to use as you say.

With regard to the ICICI 6.41 savings currently top of Martin's suggestions its immediately obvious that its for over 18s only now that I look past the headline figures.

Thanks
Duncan.