Child Savings

mojo2006

Hey guys,

Would really appreciate your advise.

I'm looking to open an account for my children whereby I pay a small amount in each month, probably not more than £20 each but where it cannot be touched by anyone until the child turns 18. I dont want it to have anything to do with shares, etc etc, just a basic savings account that cannot be touched.

Ive had a look through these forums and my head is now spinning so any help would be greatly appreciated.

Cheers Joe

maple41

Try the Halifax, Childrens Regular saver pays 10%, http://www.halifax.co.uk/savings/childregularsaver.asp
but beware with most of these accounts you can only leave it in trust in the childs name until age 16 (and get the interest tax free).
Some like the Norwich and Peterborough say you can leave until the child is 21, but then after the child is 16 they suddenly say the child has to resign the account and complete a new R85 tax form, So if you are hoping to keep it a secret for your children you can only do this until they are 16.