Savings account?

[Lover]

Hi ladies

Leo got his birth certificate today so we're going to open his first savings account tomorrow 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!

 

[hippobaby]

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.

 

[hippobaby]

Sorry that should say can't afford £3k

 

[Mel+Bump]

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.

 

[ke29]

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.

 

[lucy_x]

We just got ours with nationwide, And thats oinly because everyone on BnB had done the same (well the majoraty! ) 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.

 

[SmileyShazza]

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.

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/

 

[vaniilla]

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

 

[StarBound]

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 .