I have £3k savings for my children (each) and £100 per month (each), best way to save this money?
| Related: | Personal Finance•Money•Children's Saving Accounts |
children are almost 14&13years, saving for university. Been doing the halifax regular saver 6% every year, now totaling £3k each. Looking for bond??
Answers (1)
Hi Baistow, welcome to money.co.uk
From having a quick look around the 6% children's regular saver with Halifax seems to be one of the better rates out there, especially if you want to carry on saving £100 a month going forward. There are some high rate accounts on offer but only if you have certain current accounts which you have to pay for.
I'm not really sure if they'd benefit from a bond either unless you can find one that can beat the rate you're getting at the moment.
Take a look at the savings tables on this site and you can see what else is on offer:
Regular Savers: http://www.money.co.uk/savings-accounts/regular-savings.htm
Fixed Rate Bonds: http://www.money.co.uk/savings-accounts/fixed-rate-bonds.htm
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Thank you for your advice. I know about the regular saver with HBOS, trouble is, after a year they transfer it into another account with low interest. We were hoping for a bond to save for their future, eg uni. I will probably save the £100 with HBOS, what can I do with the £3k?
Hi baistow, and welcome to the forum.
The Coventry Fixed Rate Bond on the top of the list that Pete gave you is the best on offer at the moment, but it does mean locking the cash up for 5 years which is quite a long time when interest rates may go up in the near future.
You could consider a fixed rate bond for a shorter time, say 2 years, but choose one which offers monthly interest. You could then also open a regular saver and pay the the monthly interest into it.