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

[DungunGirl]

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?

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

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.

no for the reasons already listed

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 hey...it is good anyway.

Thanks again!

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

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