Saving for children

karen_newcastle

We want to set up a savings account for our 7 year old - hoping to build up a nice little amount for when she turns 18. We will be saving about £50 per month.

Can anyone recommend a good performing childrens saving account?

Thanks in advance.

Rafter

Building Societies are usually the best source of childrens accounts and will generally pay better rates in the long term.

The current best buy though is the Halifax regular saver paying 10% gross which sounds just what you need. You just need to be prepared to move your funds when Halifax slash the rates.

R.

Meltdown_2

In general, rates on regular saver accounts seem to have had less changes over the years (until perhaps very recently) than other accounts.

Edit: For example, the Halifax Children's Regular Saver has been at 10% since 13th June 2005

karen_newcastle

Thanks - looking at the Halifax now but am I right that the 10% is only for a year then I would have to switch it to a normal Halifax savings account?