samuel12051's Review of Halifax
15th Jun 2009
Overall Rating
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I opened a stepped income reserve with Halifax for both my children when my gran died and left them some money in 2007. me and my oldest son was trustee to their accounts. I invested around 7thousand pounds in each account, it seemed a good investment, however what they didnt tell me was once my son turned 16 he will have to pay tax on the account even if he isnt working because i am trustee and that is the law. If i had been informed i would have just put it in his name! so this week they have taken 80 pounds of his interest. so i would tell anyone who is thinking of investing money and being the trustee not to do it if its long term, ive got another 3 years with this account, my daughter will also be 16 in two years.
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| Lender | Account | Description | Interest | AER | Overdraft | ||
| Overdraft Rate | Overdraft Limit | ||||||
 | Premier Direct Account | Earn a great rate of 6% AER (fixed for one year) on balances up to £2,500. | Monthly | 6.00% | 0.00% | £2,000.00 |  |
| Premier Current | Enjoy Free annual multi-trip European travel insurance and earn 0.50% AER on balances up to £2,500. | Monthly | 0.50% | 0.00% | £2,000.00 | |
 | Natwest Advantage Gold Account | Enjoy benefits worth up to £704 for just £12.95 a month. Including Mobile phone cover, Travel Insurance and even tailored rates on other Natwest products. | Monthly | 0.25% | N/A | | |
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Individual Savings Account - Wikipedia, the free encyclopedia
An Individual Savings Account ( ISA ; /'a?s?/ ) is a financial product available to residents in the United Kingdom. It is designed for the purpose of investment and savings with a favourable tax status. ISAs were introduced on 6 April 1999, replacing the earlier Personal Equity...
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