Non-CTF Child Savings?

WiZeR

Hello

I have decided to take out a Stakeholder CTF with Britannia but to only invest a small amount. Not sure I want my daughter's full savings allocation to be given to her when she is 18.

So can I take out a savings account for her which I have more control over? Should I just open a regular savings account in my name and just give it to her when I see fit? Or is there a better way?

TIA

Liz_the_Whizz

Hi wiZar,

We (my DH and I) have each opened a Halifax Childrens Regular Saver for our DS - max £100 pcm, 10% fixed-rate for one year then clears into Save4It account (5.8% currently).

Both accounts are in your child's name with you as trustee, complete R85 to get interest paid gross.

Sorted;)

martinman3

Except that the Halifax accounts cannot be held either in trust by you or in the child's name after the age of 16.

The Yorkshire BS One Day account is unusual in that the account can be held in trust by an adult until the age of 21 and the rate is better than the Save4it.