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Should I close my child's account with the Halifax?

(7 Posts)
DungunGirl Wed 01-Oct-08 09:52:47

Hi there

With Halifax's share price continuing to fall and Lloyds TSB also reporting falling share prices, should I be closing my childs savings account and moving the savings elsewhere for safety?

There isn't loads, about £5000 but that is all towards my childs future and I am not prepared for it to dissappear if the bank goes under.

Is there someone who is financially savy who can advise whether I should take out the money?

BlingLovin Wed 01-Oct-08 09:55:09

No, don't move it. Halifax/Lloyds are unlikely to collapse. More importantly, your money is guaranteed by the government up to £35000.

mumoverseas Wed 01-Oct-08 12:18:14

No, I wouldn't move it. Like BlingLovin says, money is guaranteed up to £35K. My three kids have accounts with Halifax (as do DH and I including Isa) however after briefly considering it, we decided to leave it where it is. Remember all the panic earlier in the year/last year with Northern Rock and everyone queuing up to take their money out? Anyway, with regards to kids, I researched kids accounts a few months ago as my son has quite a bit in his savings account and at that time, it really was the best rate available for kids (think it was 5.5%) although that may have changed now. Try not to worry.

LackaDAISYcal Wed 01-Oct-08 12:22:12

no for the reasons already listed smile

DungunGirl Wed 01-Oct-08 12:54:29

Thanks ladies. Makes me feel better that other people feel it should be safe.

Yeah I really don't want to move it as I have got that 10% interest account which was a gem to get.

Don't know whether it still is 10% but is good anyway.

Thanks again!

ruddynorah Wed 01-Oct-08 12:57:54

yes it's still 10% as it was a fixed rate account. i assume you mean the 1 year regular saver?

Quattrocento Wed 01-Oct-08 13:01:09

No. Am in the same position and have decided not to move it.

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