£10 per month, long term investment

rabster74
rabster74 Posts: 21 Forumite
in Savings & investments
My nephew was born last year and I would like to invest £10 a month for the next 21 years. The problem I have though is that he was born in New Zealand and as such not a UK resident. Child Bonds and children's savings accounts seem to be out of the equation.

Does anyone have any ideas as to where I could invest for the long-term.

Thanks

Comments

  • poorgirl-54
    poorgirl-54 Posts: 236 Forumite
    any regular savings account, with a good interest rate?
  • Aegis
    Aegis Posts: 5,688 Forumite
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    I'm not aware of any decent investment products which allow a £10 a month investment at present. I thought Legal & General allowed £20 a month into their trackers, but it looks like those have been increased to £50 minimum, which seems to be the most common minimum now.

    Cash savings are going to be a pretty bad idea over 21 years as you will probably find yourself failing to keep up with inflation. Could you maybe club together with a few other relatives and manage £50 a month each into a joint investment account?
    I am a Chartered Financial Planner
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
  • kidmugsy
    kidmugsy Posts: 12,709 Forumite
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    You could see whether any of the Investment Trust investment accounts allow as little as £10 per month.
    Free the dunston one next time too.
  • jimjames
    jimjames Posts: 17,580 Forumite
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    kidmugsy wrote: »
    You could see whether any of the Investment Trust investment accounts allow as little as £10 per month.

    The lowest I am aware of are F&C at £25 per month and Aberdeen at £30 per month. I think you'll have trouble finding one as low as £10.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • dunstonh
    dunstonh Posts: 116,252 Forumite
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    £20 is the typical minimum nowadays and even then there is only a small number that go that low.
    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.
  • edinburgher
    edinburgher Posts: 13,457 Forumite
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    Maybe consider sending the parents £120 a year and ask them to invest/save in NZ for your nephew? Chances are they'll respect your wishes as it's money specifically for their child's future :)
  • rictus123
    rictus123 Posts: 2,560 Forumite
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    If you dont use your ISA maybe just put it in there and then send lump sum over when hits 21.
    Work in progress...Update coming July 2012.
  • sabretoothtigger
    sabretoothtigger Posts: 10,035 Forumite
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    NZ has nice rates of interest
  • cashbackproblems
    cashbackproblems Posts: 1,826 Forumite
    Save it up for a yr and then pay into a fund or safe shares? Otherwise just put it into reg savers as suggested generally pay 5%
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