savings an under-16 year old's money

lizh_3

Under Whose Money Is It? Martin says "usually until they're 16 the signatory can still manage and withdraw the cash without the child's approval."
Does anyone know a 6%+ fixed rate bond that will let me put in and manage my 14 year old's money without it becoming "my money" and so taxable. Nationwide branch say not possible.

Miss_Kitty_Fantastico

lizh

i don't know of a fixed bond - you might be better with savings and investments board

but i opened an regular savings a/c with halifax for dd and its 10% tax free

you can pay in £10 - £120 a month and every 12 months the balance and interest is paid into a regular account and you start again.

at the moment i pay 45 a month but after 12 months i will use the money again + extra to boost payment until i reach £120 a month

hth