Talk

Advanced search

Mumsnet has not checked the qualifications of anyone posting here. Free legal advice is available from a Citizen's Advice Bureau, and the Law Society can supply a list of local solicitors.

Advice re best interest rates on children's savings bonds

(5 Posts)
BecauseImWorthIt Wed 17-Jun-09 13:00:41

DCs have two savings bonds which will mature soon (1 July). They are currently with Abbey.

I can roll them over, but interest rates are (not surprisingly) quite low: 3% for a year, 3.25% for 18 months and 3.5% for 2 years.

Does anyone know of anyone offering better rates - or can you point me in the direction of a good website that will have this info?

Also, an added complication - DS1 is now 17 - presumably he no longer counts as a child as far as savings products are concerned?

TIA

Mousey84 Tue 23-Jun-09 20:50:36

Only just saw this. I dont know anything about bonds - is it a regular saver?

How about an ISA for DS1? Still tax free and this year you could invest £3600 for him. Its going up next year.

For younger sibling(s) how about Halifax 6% childrens regular saver? You can put in up to £100 per month - possible drip feed from another high interest account if need be.

BecauseImWorthIt Tue 23-Jun-09 21:02:24

Thanks Mousey! I'd forgotten I'd posted this!

DS2 already has a Halifax regular saver. I might just take the bond money out and put it into the linked account at the Halifax for the moment, at least all the money will be in the same place. I could combine DS1s for an ISA - that's a really good idea.

Mousey84 Tue 23-Jun-09 21:23:39

Nooooooo - was just looking at halifax interest rates in their brochure and they are pretty dire. The save4it is 1.05%apr (0.84 net)

Not sure about your situation but did you know that your ds can have more than one regular saver? Anyone can open an account for them - you can have one you pay into, your husband/partner etc can have another, grandparents can each open one....all will default into the save4it at the end of the year. If you open one (or more) now, you will get 6% apr/net.

BecauseImWorthIt Tue 23-Jun-09 21:57:53

No I didn't know that! Thank you very much!

Join the discussion

Join the discussion

Registering is free, easy, and means you can join in the discussion, get discounts, win prizes and lots more.

Register now