Savings/Investment account for a child?

My father has recently decided to give £25 a month for our two youngest children to put towards savings/investments. I've done a family assurance policy for our eldest child and am happy with the growth

Is there any other savings/investment plan I should look into?

They are 5 and 6 and would be getting the money as long as their grandfather is alive, hopefully a long time. I would like them to have a lump sum to put towards something nice when they are older.

Any suggestions?

Comments

  • dunstonh
    dunstonh Posts: 116,033
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    Will the grandfather have them in his name re the child and in an appropriate trust to ensure they are recorded correctly to avoid IHT and make sure the benefits are paid out correctly?

    Or is he just giving you the cash and you placing it?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Barney088
    Barney088 Posts: 163 Forumite
    He's giving me the cash to invest for them and I think he'd like to see that I'm not investing it in the Nags head!

    Thanks
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