Jump to content
House Price Crash Forum
LC1

Child Savings Accounts?

Recommended Posts

Just wondering about saving accounts for your kids - anything to stop me using these for the better % IR, and then withdrawing it back into my name when/if I have need for it (i.e. house purchase), or does it always have to be in that child's name from then on?

Did a quick Google but couldn't find a clear answer!

(not to sound mercenary, I will of course be providing him with all he needs until his 16th birthday!) :))

Share this post


Link to post
Share on other sites

Can't say for all accounts but i have one for my daughter ,put so much a month away for her eighteenth birthday its currently with the halifax i wanted to change banks years ago as the IR was crap but the only problem was my daughter would have had to sign the account over to the other bank (She was 7 years of age at the time ) and was also told i would have to provide ID for my daughter

Basically the money has been stuck there as it`s meant to be a surprise

the best advice i could give would be read the T&C`s very carefully

Share this post


Link to post
Share on other sites

Thanks, good advice.

I did skim through the T&Cs of the Nationwide child saver, but it still wasn't clear to me (maybe I'm a bit dim) - I presumed that parents would still exercise control until age 16, as my boy won't be old enough to sign his name for a long time to come, but maybe it's not so simple as being able to withdraw back into my name....

We will get him a saving account purely for him one day, but at the moment we need to stay flexible with our savings, though it does feel a little sneaky and so will probably be against T&Cs to intend to do so!

Share this post


Link to post
Share on other sites

Halifax still did a 6% Child ISA last year (you open a £1 ISA yourself and forfeit the interest rate to get 6% on the child ISA) i'm not sure if its still available, but with that one the funds are definitely locked away until they're 18, and you can only transfer it to another bank/account if it's a Child ISA with the same restrictions, so no chance of being able to use the cash yourself.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   211 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.