Savings account?

Discussion in 'Baby Club' started by Lover, Jun 1, 2011.

  1. Lover

    Lover Mummy to Leo & Rosalie

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    Hi ladies :flower:

    Leo got his birth certificate today so we're going to open his first savings account tomorrow :D Just wondering if any of you know what the best bank/building society to use is? We'll be opening the account with just over £100 that relatives have given him and then OH & I will add a little each month. We want to give it to him when he's 18 or 21.

    Thanks!
     
  2. hippobaby

    hippobaby Well-Known Member

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    Hi, nor sure if you're aware but as the child trust funds have/are being ditched there are junior isa's instead. These allow for up to £3000 per yr tax free til 18 - that's a possible 54k on their 18th birthday. Most of us can afford to max it out each yr but if you do £100 p/m til 18 that's still 26k. I know nothing about saving accounts and when the tax man appears for his share but it may be looking at junior isa's in comparison.

    My lo has a trust fund with family investments who emailed me with the above info.
     
  3. hippobaby

    hippobaby Well-Known Member

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    Sorry that should say can't afford £3k
     
  4. Mel+Bump

    Mel+Bump Well-Known Member

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    If you wanted a bog standard bank account Halifax do a childrens saver account at 6% interest and I THINK thats one of the best around. :)
     
  5. ke29

    ke29 Well-Known Member

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    agreed with the halifax account. Thats what we have. You can pay a maximum of 100 in a month, minimum of 10 and you can keep changing your monthly DD amount.
     
  6. lucy_x

    lucy_x Mummy To Two Stunners

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    We just got ours with nationwide, And thats oinly because everyone on BnB had done the same (well the majoraty! :lol:) We also have one with natwest, I can still access this one, and i put her CB in it, If she needs something big-ish then i use the money in the natwest one, if nothing is used then all of it goes into the nationwide one.

    :thumbup:
     
  7. SmileyShazza

    SmileyShazza I'm a mum!

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    We have this one too - it's called the Halifax Childrens Regular Saver Account. You can apply online, by phone or in any branch of the Halifax. I did ours over the telephone and have had our confirmation letter - I just need to take Jacks Birth Certificate into the branch for them to check it.

    You get 6% interest for 12 months, you can only pay a maximum of £100 each month and you cannot withdraw any money from it. At the end of the 6 months they change it into a regular savings account which pays a LOT less interest so the best advice is to move the money in there into a different account with a better interest rate once the 12 months is up.

    The lady on the phone did tell me that once the 12 months has gone you can apply for a new Childrens Regular Saver so you can benefit from the 6% interest again though :)

    Here is a link to the account details

    https://www.halifax.co.uk/savings/accounts/childrens-savings/childrens-regular-saver/
     
  8. vaniilla

    vaniilla Well-Known Member

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    from what I know Halifax has the best long term savings account, try a comparison website for the best rates as they change often :flower:
     
  9. StarBound

    StarBound Well-Known Member

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    I personally opened a adult ISA to store joeys savings for now, he has 260 pound odd ATM & the interest Is 5.9% I think .
     

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