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    • junglebook
    • By junglebook 6th Sep 17, 3:36 PM
    • 7Posts
    • 0Thanks
    junglebook
    Children's savings
    • #1
    • 6th Sep 17, 3:36 PM
    Children's savings 6th Sep 17 at 3:36 PM
    Looking for some advice. Other than putting my children's money into a Junior ISA what other savings options are there? I have looked at high interest bank accounts but these all seem to only valid for a year at the higher rate and then I would need to move the money??
    Thank you!
Page 1
    • xylophone
    • By xylophone 6th Sep 17, 4:07 PM
    • 22,881 Posts
    • 13,243 Thanks
    xylophone
    • #2
    • 6th Sep 17, 4:07 PM
    • #2
    • 6th Sep 17, 4:07 PM
    Does this money belong to your children absolutely or are you talking about your own money that you wish to save for your children?
    • junglebook
    • By junglebook 6th Sep 17, 4:13 PM
    • 7 Posts
    • 0 Thanks
    junglebook
    • #3
    • 6th Sep 17, 4:13 PM
    • #3
    • 6th Sep 17, 4:13 PM
    It's their money but currently sitting in my ISA until I decide what to do with it!
    • MallyGirl
    • By MallyGirl 6th Sep 17, 4:35 PM
    • 1,904 Posts
    • 6,383 Thanks
    MallyGirl
    • #4
    • 6th Sep 17, 4:35 PM
    • #4
    • 6th Sep 17, 4:35 PM
    It depends on the amounts involved.
    I put the max each year into my daughter's JISA and then have a couple of regular savers for her (Halifax @4% and Nationwide @ 3.5%). They only allow £100 pcm each to go in and last a year but it doesn't take a lot of effort to set them up.
    She is about to turn 16 so it will be a HTB ISA soon, and all the kids accounts will have to close.
    • cloud_dog
    • By cloud_dog 6th Sep 17, 5:06 PM
    • 3,169 Posts
    • 1,699 Thanks
    cloud_dog
    • #5
    • 6th Sep 17, 5:06 PM
    • #5
    • 6th Sep 17, 5:06 PM
    She is about to turn 16 so it will be a HTB ISA soon, and all the kids accounts will have to close.
    Originally posted by MallyGirl
    Assuming she agrees with your idea of what to do with her money.
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • MallyGirl
    • By MallyGirl 6th Sep 17, 5:09 PM
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    MallyGirl
    • #6
    • 6th Sep 17, 5:09 PM
    • #6
    • 6th Sep 17, 5:09 PM
    True - but since it is money I am giving to her I would hope that she takes my advice.
    She can always move it later but, even without the 25% bonus, it is about the best interest around for that size of fund
    • eskbanker
    • By eskbanker 6th Sep 17, 5:18 PM
    • 5,465 Posts
    • 5,270 Thanks
    eskbanker
    • #7
    • 6th Sep 17, 5:18 PM
    • #7
    • 6th Sep 17, 5:18 PM
    True - but since it is money I am giving to her I would hope that she takes my advice.
    She can always move it later but, even without the 25% bonus, it is about the best interest around for that size of fund
    Originally posted by MallyGirl
    Surely an HTB ISA will only accept £1,000 up front and then £200 per month thereafter, so will only absorb a small fraction of your daughter's pot if you've been maxing out her JISA for years and funding regular savers?
    • xylophone
    • By xylophone 6th Sep 17, 5:25 PM
    • 22,881 Posts
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    xylophone
    • #8
    • 6th Sep 17, 5:25 PM
    • #8
    • 6th Sep 17, 5:25 PM
    Your children's money should not be sitting in your ISA as in this situation it is counted as your money and part of your estate.

    You say that the money is theirs absolutely - if so, they have the absolute right to access and control at the age of 18 (16 in Scotland).

    You could use the JISA - Coventry offers 3.25%.

    If you and your child have a Nationwide account, you might look at the smart Limited Access saver.

    http://www.thisismoney.co.uk/money/saving/article-1583863/Best-savings-rates-Junior-Isas-children-s-accounts.html
    • MallyGirl
    • By MallyGirl 6th Sep 17, 6:15 PM
    • 1,904 Posts
    • 6,383 Thanks
    MallyGirl
    • #9
    • 6th Sep 17, 6:15 PM
    • #9
    • 6th Sep 17, 6:15 PM
    Surely an HTB ISA will only accept £1,000 up front and then £200 per month thereafter, so will only absorb a small fraction of your daughter's pot if you've been maxing out her JISA for years and funding regular savers?
    Originally posted by eskbanker
    She can keep the JISA till 18 I believe - I didn't start by maxing it out, she just used to get the child benefit put away for her. It is £18k now. At 18 we will deal with the JISA money together - she will be an adult and can take a full role in decisions then.
    The HTB will deal with what is in a 'young saver' that she won't be allowed to keep past 16.
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