Best Bank/BS to open savings account?

[hodbert]

This is really for the UK ladies. Holly was given some money when she was born and we wanted to put it into a savings account which we can keep paying money into. Am having a look on Money Savings Expert, but if anyone has any advice as to the best place to put it, it would be appreciated!

 

[Pookie 73]

Halifax BS have got a good childrens account at the moment, 6% for the first year and you can pay in £100 per month

 

[hodbert]

Thanks will check it out

 

[sjminimac]

ybs have the one day account, good rate and instant access x

 

[~Mummy~]

I'm also looking at savings accounts and what I found so far is that Im better off opening up a ISA account for the first 5200 (I think) as it would be tax free then.

It all gives me a headache tbh, so I will be keeping an eye on this thread.

Money saving expert has been really helpful as well.

 

[sjminimac]

that's right about ISAs but also remember that children don't pay tax so you can open one as trustee for your child and sign an r85 tax exemption certificate x

 

[~Mummy~]

that's right about ISAs but also remember that children don't pay tax so you can open one as trustee for your child and sign an r85 tax exemption certificate x

Would we still have access to it as and when? Or is it like those she could only get the money when she turns 18?

 

[sjminimac]

that's right about ISAs but also remember that children don't pay tax so you can open one as trustee for your child and sign an r85 tax exemption certificate x

Would we still have access to it as and when? Or is it like those she could only get the money when she turns 18?

You can get different types. There's your basic savings account which is instant access so you get a passbook and can access whenever you need to, yorkshire building society one day account is i think about 1.75%, you can get a bond where you tie it in for a year or more, or tie child trust fund which locks it in till their 18, xx