I can't fathom and I'm sure it's me, why anyone would save into this? Dc account 4.5%

[Fragalino]

So Halifax dc saver account pay in between 10 and 100pcm and get 4.5 interest at end?

Which is 5.40?

I have a couple hundred in saving account for dc with rubbish interest. What can I do with it?

I add about 30 to each each month.

I didn't explain that well. What I mean is the interest rate sounds amazing esp for now however, what's the point if I you can only start with max 100 and pay in max 100 a month?

Your OP makes no sense to me

Mate that’s a better interest rate than I’ve found recently on savings accounts for adults!

Put £100 in the account to open it.

Add your £30 plus £70 of what you already have each month until the existing account is run down. Then continue as normal with your £30 per month.

I dont understand why this is hard?

Well if that’s all you can afford to pay in then it’s good. Most people can’t afford to pay more than£100 a month for their kids anyway.

Cause its a kids savings account.

They aren't going to offer amazing rates for large amounts of money as it will cost them too much

Is it a save as your earn account? Do they still exist? If so you get the tax back on the interest through a Gov scheme but it's a limited amount that can be paid in.

If you were able to add £100 a month you’d have £1200 in a year and would get £54 interest. You should get about £16 a year if you put £30 a month. I mean no it’s not fantastic but the point with a kids account is that you are getting compound interest over several years, I suppose.

You mean this savers account
www.halifax.co.uk/savings/kids/kids-monthly-saver/

Looks good but it is only for 12 months

It's about £30 interest by the end of the year based on 100 deposit and 100 each month thereafter.
Better than nothing.

Because interest rates are crap at the moment. If you can only pay in £30 a month you wont get a lot in interest but at least you have saved for your child.

Don't sweat, yes that's what I mean, it's only a year!

I'm trying to understand what people do, what's normal?
Ie I'm not savvy in this regard, am I missing something.

After the the year and banked interest you then draw it out and move it elsewhere?

when I’ve had adult saving accounts that do good interest for a year and then stop I look for a new one when the year is up. That’s what I’m doing now but it’s a bit dire.

You'd earn about £2.70 interest if you saved the minimum of £120 during the year, or £27 if you saved the maximum £100 every month.

There isn't a lot of money to be made with savings, but better to have it in that account than a standard current account earning less than 1% aer. If you're a First Direct customer you can have a regular savings account that earns 5% aer.

I’ve just opened that and the kids monthly saver only allowed me to put 100 quid in but the kids saver let me put 500 straight away.

I've got one of those for DD. At the end of each year they move it into another account (with less interest of course) and you keep putting money into the higher interest rate account

It's £54 interest a year if you pay in the max which is better than any adult account I've seen for smallish amounts. At the end of the year you can shop round or open a new one.

We have this account as we wanted to regularly save for DD. At the end of the year all the money inc interest gets transferred to their normal kids saver and the monthly starts again. I don’t think there are any better rates for kids, though I could be wrong - check Martin Lewis’ website...
FYI I think if you do the full amount a month the interest is just under £30

Yes it's just you.

It's a savings account not an investment account, and it's a pretty good one too considering the market at present.

Small this is what I was wondering.
So I should open this up, do what I can a month perhaps feed the existing 300 in, per month and then transfer it back to building society?

Is it easy to transfer out of it?

@smallpinkbear

So I could pay in 55 a month. Get the interest then move it back out.

The next move would be to then find another good rate and feed the money back in there, and repeat?

Any regular saving amount looks like a good interest rate, but the first instalment gets the interest rate through the whole period, the second instalment for only 11 months, down to last instalment 0 months. So as a rough rule of thumb, you can halve the interest rate for comparison purposes, in other words on average you'd have got 2.25% if you'd been able to put the whole lot in in one go.

And then after 12 months you'll need to decide your future options.

If the money is already in another account giving, say, 1.5% interest, then by trickling it into the regular savings account, you'd in effect gain an extra 0.75% interest on the sum. Depending on how much money this is, you may or may not decide this is a good return for your time and effort.

If you're adding £30 per month to an account, then it would be sensible to go for a regular savings account, because the non-regular savings account paying 1.5% would in effect give only 0.75% on the sum at the end of the year (because on average the money would only have been there 6 months - some would be in there longer, some shorter). So the advice is worth considering that someone gave you above to open the regular savings account, pay £30 in directly and top up another amount from the low interest account (up to 1/12 of what you've got in there, so it doesn't run out before the end of the year).

It’s to rope you in on the hope that after a year you won’t be bothering to move to another account at a different bank.
Banks try to catch customers with a good deal because a lot of people will then just stay with them.

Have you thought about a kids pension?