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  1. #1

    Where should I put children's money

    I need a savings account for my son he's 8. I want to pay in approx 50 a month. I need an account that I don't have to keep changing to get best deal but seems like unless your willing change yearly to get best deal your going be on a low interest rate. but I suppose that's the pay off ...Any recommendations for accounts to get things started ?

  2. #2
    I have a fixed rate regular saver with Halifax in my sons name opened when they were offering 4%. You can only withdraw if you close the account and it can't open another one until the anniversary is up. You get the interest and it reverts to a different account on the anniversary. They are currently giving 4.5% on new ones. However just looked and they have this a young saver which is 2% on up to 20,000, unlimited withdrawals open with 1 no commitment to deposit.

  3. #3
    How long are you planning to save for your child? If it's for the next 10yrs you may want to consider an investment account (providing you have the appetite for risk) to avoid having to look for the best interest rate each year. Something like a Junior ISA will allow you to invest on behalf of your child tax free.

  4. #4

  5. #5
    Investments are ideal if you don't want to be constantly moving and chasing the best rate, in fact it's normally better to not be checking them constantly and just leave them to grow.


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