Childs Savings account - HotUKDeals
We use cookie files to improve site functionality and personalisation. By continuing to use HUKD, you accept our cookie and privacy policy.
Get the HUKD app free at Google Play

Search Error

An error occurred when searching, please try again!

Login / Sign UpSubmit
78Expired

Childs Savings account £10.00

stephenburton Avatar
9y, 10m agoFound 9 years, 10 months ago
Childs saving account. 10% interest, Tax Free if you direct debit £20 per month. Why bother filling up a Child Trust Fund. Just deposit your free Trust Fund Cheque and open one of these to earn a much better, secure interest rate.
More From halifax bank:

All Comments

(20) Jump to unreadPost a comment
Comments/page:
#1
Limited to 100 quid/month and 10% is for 12 months only.
#2
Quite a good savings account
#3
I don't think you wil be able to put your child's trust fund account into this - these are only very specialist accounts and this is for a general savings account.
#4
We had the government child trust fund set up automatically when we didn't respond to the mails. From what I can tell, and please correct me if I'm wrong, the child is the only person who can withdraw the money, from their 18th birthday? This put me off, because when my mum and dad spent 18 years putting a little aside for me, I went out and blew it on a holiday and a nail of a car! No, I want to retain control of my little darlings funds so they can use it with our guidance, hopefully for something useful, like a deposit on a house.
#5
To Clarify:

A Child Trust Fund is an account that the Government pay money into and can only be accessed by the Child when they are grown up. Parents/Grandparents can top this account up if they wish but no money can be withdrawn..

A Savings account, such as the Halifax one mentioned above, is a children's bank account. Money can be put in and taken out as you wish, (So long as it's within the banks rules).
#6
With this particular account to get the 10% interest you need to leave the money in the account for the entire 12 months.

You can take the money out at any time but you will only receive 5.3% interest which is industry standard for this type of account...

The money will be transferred by the Halifax to the Halifax Save4it saving account at the end of the 12 month period but YOU can move the Money to the next Best Deal out there !

Better in this type of Childs Savings Account than a Child's Trust Fund Account, as previously mentioned come 18 they get their hands on a lot of Cash - Potentially very Bad if the child hasn't learnt the value of Money!
#7
fairy
I don't think you wil be able to put your child's trust fund account into this - these are only very specialist accounts and this is for a general savings account.


You are correct - you don't get a cheque which can be cashed/used anywhere, you get a voucher which can only be used to open a CTF. You couldn't open a general savings account with the voucher.
#8
Bargain Hunter
...I want to retain control of my little darlings funds so they can use it with our guidance, hopefully for something useful, like a deposit on a house.


Time it right, and they'll be able to buy one outright.

We are in the early days of house-price crash....no matter how Gordon Brown might try to pretend otherwise.
#9
Good idea with the stop paying into the Trust Fund and do the Savings Accounts money moving system, I might as well do it!

Any idea of what the 'Special Offer Code' is when trying to apply for this online?
Always on the lookout for a deal me :)
#10
Also with alot of the ctf account's - you end up paying a 'commision' percentage to have the account, I have opened 2 ctf accounts for my daughter & son but to be honest would not pay any further money into them purely because you get charged the commision and also there are better saving's accounts that pay higher interest than any of the designated ctf accounts - I opened 2 regular saving accounts with the halifax as per the 1st post, at the end of the 1st year you transfer the money and interest earned into either a childrens save-for-it account or another designated account, you can then start over again saving into the regular saving account from scratch again at another fixed interest amount. This was the best childrens saving account I have found, and spoke to a mate of ours that is an accountant and he said it was a very good account :-)
#11
@ stephenburton - best to post things like this as a "sale" or a "tip" when submitting a deal, rather than a product. See the link in my sig for more help on posting deals :)
#12
When I talked to them about this account they said better off going for the normal kids savings account as it's limited to 12 months and so the actual interest never gets chance to build up - I thinks my kids get 7% gross anyway?
#13
You may get a better return on your childs £250 if you invest this on the stockmarket through a non stakeholder account, yes these have higher charges than deposit accounts like the Halifax, and are riskier, but you will have 18 years for growth, I invested £250 (March 2005)in the Childrens Mutual Invesco Perpetual Income fund and its now woth £400, you won't get that in the halifax
#14
When I was working contract, we opened 4 of these (2 kids 2 parents) and put the maximum £100 per month in each of them for 12 months. The interest comes out at £64 ffor each account. The £1,264 then gets transferred to their save4it account and you can start all over again at 10%

I withdrew the £1,200 to fund the 10% account for the next year and left the £64 in the save4it account.
#15
Jayok, Good Call, Martin Lewis would be proud of you on this one!
#16
jayok
When I was working contract, we opened 4 of these (2 kids 2 parents) and put the maximum £100 per month in each of them for 12 months. The interest comes out at £64 ffor each account. The £1,264 then gets transferred to their save4it account and you can start all over again at 10%

I withdrew the £1,200 to fund the 10% account for the next year and left the £64 in the save4it account.


Yes Jayok, that was what I was trying to say, you put it in a simpler way than me!!

I know some of the ctf account's can earn alot for you, but they can also loose or not perform aswell as a savings account like the Halifax that guarantee's 10% on the regular savings or 7% on the save-for-it account. Personally like I said I have put the ctf voucher into a stock & shares account but will not be adding my own money to it purely for the above reasons.
#17
I opened this 10% savings account for my son back in May when he was born and I pay his child benefit into it each month plus a bit extra to ensure I save £1000 per year into it. I will save in there for the full 12 months and then when it's swapped over into the the Save4it account, will reinvest that £1000 plus interest into another account, whatever the best deal is around at that time.

As for Child Trust Fund, I put that straight away into the Yorkshire Building Society, did it all by post. Like another poster said, I won't be adding to that - what happens if your little angel turns into a little devil at 18 and blows the lot, no chance, I'm not even going to tell him he has the other account until it suits me.
#18
Incidentally Sulli, the Save4it account pays 5.3% gross doesn't it?
#19
Confiteor
Time it right, and they'll be able to buy one outright.

We are in the early days of house-price crash....no matter how Gordon Brown might try to pretend otherwise.


Quite right, imho.

My personal view is that house prices will bottom out in about 6 years or so and then start to rise again (Based on previous house price 'adjustments')

I recon that 2013-2015 will be a good time to buy a house.
#20
Well it will be interesting to see but I have to say, I bought my first house 10 years ago and remember people saying it was about to happen any minute and here we are and no sign of it yet!

Post a Comment

You don't need an account to leave a comment. Just enter your email address. We'll keep it private.

...OR log in with your social account

...OR comment using your social account

Top of Page
Thanks for your comment! Keep it up!
We just need to have a quick look and it will be live soon.
The community is happy to hear your opinion! Keep contributing!