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Children's savings account

Last post Fri, Aug 22 2008, 6:53 PM by Brom2. 2 replies.
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  •  Thu, Aug 21 2008, 8:06 PM

    Children's savings account

    Does anyone have any knowledge about a good children's savings account? I'm looking for something safe, that pays a good interest, and remains in the control of the parent although in the name of the child (so tax free for the child).
    • Post Points: 20
  •  Fri, Aug 22 2008, 3:48 AM

    Re: Children's savings account

    First look for a good savings account then ask the question about putting it in a child's name. Better banks and building societies should say "yes". You should be the signatory for the account until the child reaches 18. Alternatively, use the Money > savings options from the top menu to look for accounts that are specifically described as being for children.
    • Post Points: 20
  •  Fri, Aug 22 2008, 6:53 PM

    Re: Children's savings account

    I used the option from the top menu as you suggested and found a Halifax account with 10% interest for one year, thereafter, the balance gets moved into another account annually. I guess it depends on what the interest rates of that other account is - more research to do.
    Thanks for your advice.
    • Post Points: 5