Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • Mishomeister
    • By Mishomeister 10th Feb 18, 10:20 AM
    • 765Posts
    • 189Thanks
    Mishomeister
    Halifax Kids Saver questions
    • #1
    • 10th Feb 18, 10:20 AM
    Halifax Kids Saver questions 10th Feb 18 at 10:20 AM
    Thinking of openning Halifax Kids saver account but need some advice.

    1.This I guess is the most important question.How does the ownerhip of the account works? I understand that the account is open in a child's name but can I take the money and transfer it to my account at any time? What happens to it after maturity?
    Basically I need to be able to retain the ownership of the money rather than it is sitting in some no/low interest paying account until the chils turns 18 which will be many many years ago.
    2. Can I have 2 of those accounts? I have 2 children
    3. Can my wife open any additional ones in her name?
Page 1
    • xylophone
    • By xylophone 10th Feb 18, 1:39 PM
    • 25,371 Posts
    • 14,967 Thanks
    xylophone
    • #2
    • 10th Feb 18, 1:39 PM
    • #2
    • 10th Feb 18, 1:39 PM
    until the chils turns 18 which will be many many years ago.
    In a number of years' time?

    https://www.halifax.co.uk/savings/accounts/kids/#FAQs

    See FAQ re tax

    https://www.halifax.co.uk/savings/accounts/kids/kids-regular-saver/

    To open and manage an account in trust for a child

    It is clear that these accounts are held in trust and that the money is therefore a gift to the child and the money is beneficially his.

    There is no need for the money to languish in a low interest account on maturity - it should be transferred to another account in the child's name and beneficially owned by the child.
    • MallyGirl
    • By MallyGirl 10th Feb 18, 3:07 PM
    • 2,678 Posts
    • 7,680 Thanks
    MallyGirl
    • #3
    • 10th Feb 18, 3:07 PM
    • #3
    • 10th Feb 18, 3:07 PM
    My DD has a Halifax young saver and a regular saver. Since the young saver cannot make payments I have to pay into the RS by SO and then withdraw the 100 from a cash machine each month. Young saver is only up to age 15, as is regular saver. When the reg saver reaches a year it transfers across to the young saver and starts again.
    • Mishomeister
    • By Mishomeister 10th Feb 18, 7:17 PM
    • 765 Posts
    • 189 Thanks
    Mishomeister
    • #4
    • 10th Feb 18, 7:17 PM
    • #4
    • 10th Feb 18, 7:17 PM
    Thank you all for clarifying. I can now see that the account is no good as the money is tied until the child is 18 which is not the type of the account that I want.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

88Posts Today

1,286Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line? https://t.co/kwjvtd75YU

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin