# For all you parents - 10% Child Savings Account with Halifax



## BreTT

A friend of mine that works for a rival bank has brought this product to my attention...I stick some money into an account for my wee son anyway, but will open one of these even if it is only for a year....pay careful heed to the Terms and Conditions though!

Parents, Grandparents, Godparents etc can open one each for an individual child too....

http://www.halifax.co.uk/savings/childregularsaver.shtml


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## scoTTy

[smiley=thumbsup.gif]

Seems good.

Thanks.


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## mike_bailey

Told me folks, thanks as well [smiley=baby.gif]


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## scott28tt

Nice one, I'll have a proper look at the details over the weekend. 

We've been looking for a high-rate account for our son, and if the grandparents can open one too all the better :wink:


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## BreTT

It surprised me when my friend told me about it - seems the only catch is that you can only save a maximum of Â£100 a month, but as multiple parents/grandparents/godparents etc can open an account each, there seems to be a way around this too.


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## che6mw

already got six of these on the go since last June


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## BreTT

che6mw said:


> already got six of these on the go since last June


So, is there a catch then?


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## mike_bailey

BreTT said:


> che6mw said:
> 
> 
> 
> already got six of these on the go since last June
> 
> 
> 
> So, is there a catch then?
Click to expand...

It's a bank so of course there is one but that's reserved for the flame room in a few months time


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## che6mw

mike_bailey said:


> BreTT said:
> 
> 
> 
> 
> 
> che6mw said:
> 
> 
> 
> already got six of these on the go since last June
> 
> 
> 
> So, is there a catch then?
> 
> Click to expand...
> 
> It's a bank so of course there is one but that's reserved for the flame room in a few months time
Click to expand...

this is true!!! No catch as such until I find out in June it all gets swept in to their Save4It account at lower interest and then they tell me I can't withdraw it!

No, I think the only 'catch' as such is the small amounts you can invest. At Â£100 pcm a year only equates to ending up with about Â£1065 or so.

Still, my attitude is any portfolio needs some savings in cash and if you have Â£100 going in to a Halifax account you probably won't even notice it missing each month. Combine that with a decnt cash ISA, a First Direct e-saver (5% interest) and a bit of a gamble with Premium Bonds and I think that wraps up the safe and sensible aspect of a balanced portfolio.

Oh, the only other catch is the plastic money box that comes when you open the Halifax account .... it doesn't separate the coins properly!!! You end up with the denominations in all the wrong tubes. Grrr!


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## 55JWB

che6mw said:


> No, I think the only 'catch' as such is the small amounts you can invest. At Â£100 pcm a year only equates to ending up with about Â£1065 or so.


There's your catch, you pay in Â£100 a month over 12 months (Â£1,200) and its only worth Â£1,065!! :lol: :lol: :wink:

Jason


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## che6mw

55JWB said:


> che6mw said:
> 
> 
> 
> No, I think the only 'catch' as such is the small amounts you can invest. At Â£100 pcm a year only equates to ending up with about Â£1065 or so.
> 
> 
> 
> There's your catch, you pay in Â£100 a month over 12 months (Â£1,200) and its only worth Â£1,065!! :lol: :lol: :wink:
> 
> Jason
Click to expand...

Good spot!!!!


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## jonhaff

wouldnt you all be better putting into one of those Child Trust funds instead? like www.thechildrensmutual.co.uk


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## hiTTchy

Opened some of these in December... the only real catch I could find was to do with the Inland Revenue rather than the account.

i.e. if a parent invests on behalf of the child and accrues more than Â£100 interest, it is taxed at the parent's tax rate  .

It shouldn't happen if you just run this account (interest of around Â£60 for the year), but if the parent is a trustee of some other accounts as well it may affect them.

(Open them with family members as trustees though and your OK - they don't have the Â£100 restriction) :wink:


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## che6mw

jonhaff said:


> wouldnt you all be better putting into one of those Child Trust funds instead? like www.thechildrensmutual.co.uk


Done that aswell at the max amout each month. All I need to do now is make sure I can sneak a signature from Jacob when he's a grotty 18 year old so I can hold on to his money until he is really mature enough to spend it wisely!!!


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## hiTTchy

che6mw said:


> All I need to do now is make sure I can sneak a signature from Jacob when he's a grotty 18 year old so I can hold on to his money until he is really mature enough to spend it wisely!!!


This is one thing that really puts me off the CTF. What if, heaven forbid, my little treasure gets caught up in the wrong crowd and starts experimenting with drugs etc. That CTF money is his at 18.... with the parents having no control of it. It may have been better for the goverment to lock it away until 21.

Children's Mutual predict that investing Â£100 pcm may achieve a possible value of Â£36,700 at 18. I can't honestly say I would have been mature enough not to blow the lot on a flash car at 18 rather than going to university or buying a house. :?


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## che6mw

hiTTchy said:


> This is one thing that really puts me off the CTF. What if, heaven forbid, my little treasure gets caught up in the wrong crowd and starts experimenting with drugs etc. That CTF money is his at 18.... with the parents having no control of it.


Agreed. But we'll cross that bridge when it arrives.


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