Savings

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A

Abcd123

Since we're spending less and thankfully still receiving pay, I'm trying to stash away some money into our savings...

Is it okay to saving your own money in your child's savings account? She's only got about £8 in it at the moment.... I'm sure my folks did this when I was a kid as it's tax free?!

Also - Instant access ISA or savings account... Should I just get whichever has the best interest rate?!

Martin Lewis website is being a bit if a mind duck - despite how amazing it is!! So thought I'd ask Tattle! X
 
T

Titntat

Weve got two kids so two high interest tax free savings accounts.
They share one, we put £100 a month in between them. (Some have minimum and max monthly deposits)
We use the other one for our savings.
 
Libertine1975

Libertine1975

I think that the first £1,000 of savings interest is now tax free anyway.

Re putting money in a child's account obviously you can do this but this is a gift to your children and you shouldn't just withdraw the funds if you need the money back down the line. If you control the account you are acting as a trustee.
 
JoeBloggs

JoeBloggs

If you are a lower band tax payer you can earn £1,000 a year in interest tax free. A Marcus account is great, about 1.3% and I have a nationwide and Hsbc linked saver at 5% max £250 a month.

I think technically it’s not allowed but I guess they won’t know 🤷🏻‍♀️
 
A

Abcd123

JoeBloggs said:
If you are a lower band tax payer you can earn £1,000 a year in interest tax free. A Marcus account is great, about 1.3% and I have a nationwide and Hsbc linked saver at 5% max £250 a month.

I think technically it’s not allowed but I guess they won’t know 🤷🏻‍♀️
Click to expand...
Yes Martin Lewis says Marcus is the best. I'venever heard of it. Thanks for the info
 
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