Unfortunately, this deal is no longer available
Halifax Kids' Monthly Saver 4.5% - from £10 - 100 or month
1970° Expired

Halifax Kids' Monthly Saver 4.5% - from £10 - 100 or month

157
Posted 13th JanEdited by:"playdumb"

This deal is expired. Here are some options that might interest you:

A long running offer, not something new.

But I thought it'd help Harry and Meghan, in case they didn't know - to gain financial independence for their brood

A monthly regular saver for kids, from Halifax offering 4.5% AER, that allows deposits from £10 to £100 per month.
  • You can change the amount you save at any time.
  • You don't have to pay in every month.

No Withdrawals allowed (only by closure of account). Only one account per child.

Interest paid on anniversary of account opening. Final Maturity Amount will be deposited into a Young Saver (offering 2% currently) if you have no designated account.
Can be opened online using birth certificate or passport photo page

If opening for more than one child allow a gap of 3 days for 2nd/3rd child etc.

Each child can earn upto £100 tax free in a year per parent.
Halifax is owned by Lloyds Banking Group, so normal FSCS (£85,000) safety applies.

Starved of interest on adult accounts?
Moving your hard(ly) earned money to a sun soaked tax shelter!?
Wait....the little critters are useful for better interest rates right here in Blighty!
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I don't know about you, but I'd heat this just for the right use of apostrophe in kids'
No, not my doing. Well done Halifax.
Rare to see the apostrophe being used at all these days!
Edited by: "playdumb" 13th Jan
This is actually a lot of hard work for about £27 max per year, but worth it if it helps you to save, and you don't have much spare cash to put away.
If it's interest that you are after, then the Nationwide Future Saver is a much better deal. Deposit up to £5,000 a year and get 3% interest if you bank with them, thats about £150 for the first year... and you can add £5,000 per year to it until they turn 18 1/2.
You maintain control of the account, and can withdraw any or all of it to your account, and maintain complete control of it until the child turns 18 1/2, and it is then converted to their savings account... IF you have left a balance in there.

If you don't bank with them, you can still open a Future Saver Account, but only get 2% per year, which is about £100 max.
However, if you have a friend that can recommend you to Nationwide, you both get £100 when you switch to them!
Edited by: "Bestbitter" 14th Jan
Is this a good idea? when they turn 18 and have full access to the cash and a hunger for alcohol and kebabs at the same time. It would be gone in a flash
HotUKDealSeeker13/01/2020 13:23

Is this a good idea? when they turn 18 and have full access to the cash …Is this a good idea? when they turn 18 and have full access to the cash and a hunger for alcohol and kebabs at the same time. It would be gone in a flash


Teach the kids good financial discipline and maybe they won’t burn through it
157 Comments
I don't know about you, but I'd heat this just for the right use of apostrophe in kids'
No, not my doing. Well done Halifax.
Rare to see the apostrophe being used at all these days!
Edited by: "playdumb" 13th Jan
It’s been going on for years.. thanks tho
This has been the best offer for years
I’ve been running this for my daughter for 3 years.
Is this a good idea? when they turn 18 and have full access to the cash and a hunger for alcohol and kebabs at the same time. It would be gone in a flash
Will be doing this for my son, thanks!
HotUKDealSeeker13/01/2020 13:23

Is this a good idea? when they turn 18 and have full access to the cash …Is this a good idea? when they turn 18 and have full access to the cash and a hunger for alcohol and kebabs at the same time. It would be gone in a flash


Teach the kids good financial discipline and maybe they won’t burn through it
HotUKDealSeeker13/01/2020 13:23

Is this a good idea? when they turn 18 and have full access to the cash …Is this a good idea? when they turn 18 and have full access to the cash and a hunger for alcohol and kebabs at the same time. It would be gone in a flash


This is an annual regular saver just for 12 months
HotUKDealSeeker13/01/2020 13:23

Is this a good idea? when they turn 18 and have full access to the cash …Is this a good idea? when they turn 18 and have full access to the cash and a hunger for alcohol and kebabs at the same time. It would be gone in a flash


It renews each year. so at the end of 12 months the Halifax close the account and put the money into a bog standard Kids saver account. You have full access to it. I did this last year and this at 5%...it's veery good...although the interest rates have dropped this year. well worth doing though.
Bit silly to ask.
Is it possible for both the parents to do for the same child.
Halifax allows only one of the named person / parent on such accounts they can't add both the parents to this account.
I was literally looking for one last year, but now definitely open one for kids.
parent control this account, like moving money?
Edited by: "humadoon" 13th Jan
humadoon13/01/2020 14:13

parent control this account, like moving money?


Yes. Parent has full control.
N-V13/01/2020 13:53

Bit silly to ask.Is it possible for both the parents to do for the same …Bit silly to ask.Is it possible for both the parents to do for the same child.Halifax allows only one of the named person / parent on such accounts they can't add both the parents to this account.


Not 100% sure.
But, if you have a joint Current Account with Halifax, login and Apply/Open for the Kids Regular Saver. This way it'll link the Kids account to the joint current account.
Then both can move money in/out independently.
N-V13/01/2020 13:53

Bit silly to ask.Is it possible for both the parents to do for the same …Bit silly to ask.Is it possible for both the parents to do for the same child.Halifax allows only one of the named person / parent on such accounts they can't add both the parents to this account.


One account per child
This is actually a lot of hard work for about £27 max per year, but worth it if it helps you to save, and you don't have much spare cash to put away.
If it's interest that you are after, then the Nationwide Future Saver is a much better deal. Deposit up to £5,000 a year and get 3% interest if you bank with them, thats about £150 for the first year... and you can add £5,000 per year to it until they turn 18 1/2.
You maintain control of the account, and can withdraw any or all of it to your account, and maintain complete control of it until the child turns 18 1/2, and it is then converted to their savings account... IF you have left a balance in there.

If you don't bank with them, you can still open a Future Saver Account, but only get 2% per year, which is about £100 max.
However, if you have a friend that can recommend you to Nationwide, you both get £100 when you switch to them!
Edited by: "Bestbitter" 14th Jan
I left Halifax as you have to physically now go into the branch to reopen the account for each successive year
Just to correct re Lloyds Banking Group & FSCS.. Halifax and Bank of Scotland brands are under the same BOS banking license, which is different to the one for Lloyds Bank.
So for anyone lucky enough to have over £85K savings, you can have it split across the 2 banking licenses and still be covered by the FSCS scheme.

halifax.co.uk/fscs/

lloydsbank.com/leg…asp
ST3013/01/2020 15:09

I left Halifax as you have to physically now go into the branch to reopen …I left Halifax as you have to physically now go into the branch to reopen the account for each successive year


When did that start?
Question about my now reverted to standard kids saver - if I transfer all my dough into it and say its for my sons 'future' can my soon to be ex wife get her claws on it?
Is this only for 12 months?
Bestbitter13/01/2020 15:08

This is actually a lot of hard work for about £27 max per year, but worth …This is actually a lot of hard work for about £27 max per year, but worth it if it helps you to save, and you don't have much spare cash to put away.If it's interest that you are after, then the Nationwide Future Saver is a much better deal. Deposit up to £5,000 a year and get 3% interest if you bank with them, thats about £150 for the first year... and you can add £5,000 per year to it until they turn 18 1/2.You maintain control of the account, and can withdraw any or all of it to your account, and maintain complete control of it until the child turns 18 1/2, and it is then converted to their savings account, IF you have left a balance in there.If you don't bank with them, you can still open a Future Saver Account, but only get 2% per year, which is about £100 max.


Hard work??? It's not hard work at all. We do this for both our children, one of them is 4 and we've been doing it since she was born.

The savings account automatically transfers to a current account after 12 months. The original savings account doesn't close, your standing order keeps paying in to it for the next 12 months and so the process begins again. It just basically empties itself every 12 months to another account.

After setting it up you literally do nothing.
ST3013/01/2020 15:09

I left Halifax as you have to physically now go into the branch to reopen …I left Halifax as you have to physically now go into the branch to reopen the account for each successive year


No you really don't
Would this be good for 2 year old ? Im no good at all these saver accounts been 2 years i been trying to find one but then loose interest lol
You can also pay in to the linked current account whenever you want which is great for birthdays and Christmas when they get cash off family and friends.
abz123_201313/01/2020 18:42

Would this be good for 2 year old ? Im no good at all these saver accounts …Would this be good for 2 year old ? Im no good at all these saver accounts been 2 years i been trying to find one but then loose interest lol


Absolutely. The only time you have to go in to branch is to set it up. Do a standing order for however much you're comfortable with (max £100 month) then you can almost forget about it.
Of course, wait until the kids aren't kids any more. The most interest that 'normal' accounts at Halifax pay is 0.75% and I'm off away from them after several decades. Anyway, good luck to the youngsters.
I transfer £100 per month from my daughters kids saver (1.98% interest) to her kids regular saver (4.5% interest). At the end of the 12 months the money gets transferred back to the kids saver account and the cycle starts again.

The regular saver account earned just over £29 last year.
Edited by: "fossman" 13th Jan
Timmybuktoo13/01/2020 18:47

Absolutely. The only time you have to go in to branch is to set it up. Do …Absolutely. The only time you have to go in to branch is to set it up. Do a standing order for however much you're comfortable with (max £100 month) then you can almost forget about it.


They changed that a few years ago you have to reopen the regular saver in branch hence why I moved to hsbc
ST3013/01/2020 19:14

They changed that a few years ago you have to reopen the regular saver in …They changed that a few years ago you have to reopen the regular saver in branch hence why I moved to hsbc


No, you don't. You're actually giving false information which may put people off. I have opened one of these as recently as within the past 2 years and the rules haven't changed. Maybe you're thinking of something else or just didn't understand how it works.
fossman13/01/2020 19:04

I transfer £100 per month from my daughters kids saver (1.98% interest) to …I transfer £100 per month from my daughters kids saver (1.98% interest) to her kids regular saver (4.5% interest). At the end of the 12 months the money gets transferred back to the kids saver account and the cycle starts again.The regular saver account earned just over £29 last year.


Why would you transfer from her kids saver in to the monthly saver? Wouldn't it be better to transfer from your own bank account in to the monthly saver? You're effectively reducing their savings?
Timmybuktoo13/01/2020 19:21

Why would you transfer from her kids saver in to the monthly saver? …Why would you transfer from her kids saver in to the monthly saver? Wouldn't it be better to transfer from your own bank account in to the monthly saver? You're effectively reducing their savings?


You want to know why I would transfer money from an account paying 1.98% interest into an account paying 4.5% interest?

I don't think that needs an explanation.

I already put money into a Stocks and Shares Child Trust Fund each month, which has averaged a return of 8% a year over the last 9 years.
Edited by: "fossman" 13th Jan
fossman13/01/2020 19:24

You want to know why I would transfer money from an account paying 1.98% …You want to know why I would transfer money from an account paying 1.98% interest into an account paying 4.5% interest?I don't think that needs an explanation.I already put money into a Stocks and Shares Child Trust Fund each month, which has averaged a return of 8% a year over the last 9 years.


Yes, i genuinely want to know why you would use your childs savings to fund another saver and not use your own money, that's the point isn't it?

I'm aware of the interest rate, I'm questioning the fact you use your own childs savings account to fund another savings account.
fossman:

I already put money into a Stocks and Shares Child Trust Fund each month, which has averaged a return of 8% a year over the last 9 years.


Do you take money out of that one as well?
Timmybuktoo13/01/2020 19:18

No, you don't. You're actually giving false information which may put …No, you don't. You're actually giving false information which may put people off. I have opened one of these as recently as within the past 2 years and the rules haven't changed. Maybe you're thinking of something else or just didn't understand how it works.


Thx for all your updates and additional info
Timmybuktoo13/01/2020 19:21

Why would you transfer from her kids saver in to the monthly saver? …Why would you transfer from her kids saver in to the monthly saver? Wouldn't it be better to transfer from your own bank account in to the monthly saver? You're effectively reducing their savings?


Because they don't want to pay in a cumulative £1,200 every year.

So you pay in £100 per month from your own current account in the first year.

Then at the end of the first year Halifax move the money from the monthly saver (4.5%) to the young saver (1.98%).

Then in the second year pay the same £1,200 (£100 per month) back from the young saver to the monthly saver as monthly saver attracts higher interest.

Yes paying in an additional £1,200 (from another account) per year will mean you have more in savings in the young saver (1.98%) account and ultimately this will accumulate more interest due to more savings in it also. However not everyone will be able to afford to put an additional £1,200 in every year
You don't have to pay £100 a month. Its a MAX of £100, mimimum £10.
mike_648013/01/2020 19:36

Because they don't want to pay in a cumulative £1,200 every year.So you …Because they don't want to pay in a cumulative £1,200 every year.So you pay in £100 per month from your own current account in the first year.Then at the end of the first year Halifax move the money from the monthly saver (4.5%) to the young saver (1.98%).Then in the second year pay the same £1,200 (£100 per month) back from the young saver to the monthly saver as monthly saver attracts higher interest.Yes paying in an additional £1,200 (from another account) per year will mean you have more in savings in the young saver (1.98%) account and ultimately this will accumulate more interest due to more savings in it also. However not everyone will be able to afford to put an additional £1,200 in every year


I'm glad someone else understands what I am doing.
Timmybuktoo13/01/2020 19:34

fossman:I already put money into a Stocks and Shares Child Trust Fund each …fossman:I already put money into a Stocks and Shares Child Trust Fund each month, which has averaged a return of 8% a year over the last 9 years.Do you take money out of that one as well?


If he's averaging 8% per annum from the S&S CTF and adding to it, then it would make sense to transfer from a 2% account to a 4.5% account. Rinse and repeat, every year when the 4.5% empties into the 2%
Wouldn't it?
Yes i understand now, still sounds ridiculous. All that for an extra 2.5% which equates to about £15. Just put in £10 s month for £120 a year plus interest
Timmybuktoo13/01/2020 19:44

Yes i understand now, still sounds ridiculous. All that for an extra 2.5% …Yes i understand now, still sounds ridiculous. All that for an extra 2.5% which equates to about £15. Just put in £10 s month for £120 a year plus interest


But then it would take you 10 years to get to the original £1,200 that can be put in in one year and missing out on interest.

Putting in £1,200 in one year (obviously only if you can afford to) and then recycling it makes much more sense than putting in £10 per month over 10 years.
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