Advice on where to put child's savings after Halifax Regular Saver

5 replies
Found 2nd Jul 2007
I have just completed 12 months of a regular saver account with Halifax at 10% interest and my little boy has now had £1150 transfered over to his Halifax Save4It account.

Do you think I should leave that amount in that account or transfer it to a new account elsewhere? I don't want to put it in his Child Trust Fund (don't know how he'll turn out when he's 18!).

I know someone recommended using the amount saved to open a new Halifax Regular Saver in my husband's name and carrying on paying into the existing Regular Saver.

I just want to do the best I can to earn him as much interest as possible (without overcomplicating it too much!).

  1. Misc
  2. Halifax
6 Comments

By keeping it in a childs' account rather than your husband's name you child can collect all the interest without paying tax, by as soon as you put it into a taxpayers account you will start to pay tax on it.

Original Poster

Sorry, didn't explain myself very well, I meant putting it back into a halifax child's regular saver (in my son's name but with my husband as trustee) - as I understand you can do this (i.e. have myself as one trustee and my husband as another trustee and therefore have two regular saver accounts running at the same time - but seems a bit too complex for my liking!).

You can put it into a regualar saver account that just acculamlates interest on a yearly basis in your name, re little ones name, like we do and if you tell them it is for a child they detuct the tax until the child is 17 or leaves school. That way if you leave it for the ful year you collect all the interest, but you can withdraw it any time you want.

have a look on the Money Saving Expert site they will help you alot . here is the site - forums.moneysavingexpert.com/

You could put it in a high interest case ISA - usually has to stay there for a minimum of X years, but that shouldnt be a problem.

pavilion

have a look on the Money Saving Expert site they will help you alot . … have a look on the Money Saving Expert site they will help you alot . here is the site - http://forums.moneysavingexpert.com/


:thumbsup:

Both here and MSE will save you a load of money and should be in everyone's bookmarks.
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