Halifax Children's Regular Saver

[tammybear]

Anyone heard about this? I was told about it work and so when I walked past, I saw huge posters in Halifax's window about it. They have info about it here but I don't understand about the gross interest and all. I was going to go in next week and find out more from someone but just wondering if anyone knows more?

[Crazymama]

Dont think much to it - You are resticted to the amount you can pay in (£100 per month) and the 10% interest only lasts a year. Then you have to change the account to another halifax account.

Not that I could afford £100 per month! But I was thinking about transferring ds savings to it -these are in another halifax account earning 5%. But that would not be allowed because of the capped monthly amount you are allowed to pay in.

Bit of a sales gimmick from the Halifax I think!

[tammybear]

I was trying to figure out if it was any better off, but I read if you can't keep up payments then your account will be closed, which I thought was a bit harsh