halifax save4it and regular saver for kids

someonehadmyusername

my daughter has save for it account with almost £300, is it worth swappingto the new childrens regular saver?
or not?
x

ReportInvestor

Yes, that would generate a useful interest boost, but.....

The Halifax regular saver money has to be new money that comes from an adult account over 12 months by direct debit. And the money in your daughter's account is hers, I presume.

If you were to "rejig" it - [in the face of the taxman & Isasmurf's inevitable disapproval] and make 12x£25pm payments your daughter would gain approximately £8 interest over the year assuming that the £300 continued to earn 5% until it was invested in the children's regular saver.

Is it worth it all? The appointment, the trips into Halifax, their sales pitch, possible set up problems etc. etc. ? I'd definitely avoid it if your daughter's £300 originally came from grandparents because of possible future tax implications of that £300 going back to your account during the year.

So overall I wouldn't personally bother, unless you were planning to add additional money over and above the £300 you originally enquired about.

realaledrinker

Do NOT UNDER ANY CIRCUMSTANCES open a Halifax Regular Saver Account online as their systems cannot handle the situation where you open an account in one channel (internet) but provide ID in a different one (branch).

Open the account and provide ID in a branch and at the same time.

See my tale of woe. STILL not resolved.

http://forums.moneysavingexpert.com...ad.html?t=75307