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  • FIRST POST
    • Vicki127
    • By Vicki127 30th Nov 17, 3:58 PM
    • 4Posts
    • 0Thanks
    Vicki127
    Savings account for child’s future
    • #1
    • 30th Nov 17, 3:58 PM
    Savings account for child’s future 30th Nov 17 at 3:58 PM
    I want to start saving now for my children incase they decide hey want to go to university I will have some money set aside for it.

    What’s the best savings account for this I don’t want to be able to have easy access to it so I’m not tempted by it.
    They already have a regular saver I pay in per month but this has cash withdrawals whenever I want.
Page 1
    • xylophone
    • By xylophone 30th Nov 17, 4:11 PM
    • 23,682 Posts
    • 13,805 Thanks
    xylophone
    • #2
    • 30th Nov 17, 4:11 PM
    • #2
    • 30th Nov 17, 4:11 PM
    Does each child have a CTF/JISA?
    • Vicki127
    • By Vicki127 30th Nov 17, 4:18 PM
    • 4 Posts
    • 0 Thanks
    Vicki127
    • #3
    • 30th Nov 17, 4:18 PM
    • #3
    • 30th Nov 17, 4:18 PM
    Neither they just have regular savers
    • xylophone
    • By xylophone 30th Nov 17, 4:36 PM
    • 23,682 Posts
    • 13,805 Thanks
    xylophone
    • #4
    • 30th Nov 17, 4:36 PM
    • #4
    • 30th Nov 17, 4:36 PM
    https://www.gov.uk/junior-individual-savings-accounts

    https://www.moneysavingexpert.com/savings/junior-isa
    • MallyGirl
    • By MallyGirl 30th Nov 17, 4:43 PM
    • 2,099 Posts
    • 6,974 Thanks
    MallyGirl
    • #5
    • 30th Nov 17, 4:43 PM
    • #5
    • 30th Nov 17, 4:43 PM
    JISA is probably best then - the money is locked in till they are 18
    • jimjames
    • By jimjames 30th Nov 17, 5:15 PM
    • 12,241 Posts
    • 10,778 Thanks
    jimjames
    • #6
    • 30th Nov 17, 5:15 PM
    • #6
    • 30th Nov 17, 5:15 PM
    Neither they just have regular savers
    Originally posted by Vicki127
    Depending on their ages you should also look at options other than cash. Over the long term investments should give a much better return
    Remember the saying: if it looks too good to be true it almost certainly is.
    • atush
    • By atush 30th Nov 17, 6:27 PM
    • 16,388 Posts
    • 10,142 Thanks
    atush
    • #7
    • 30th Nov 17, 6:27 PM
    • #7
    • 30th Nov 17, 6:27 PM
    I would invest rather than save for univweaity.

    I did for my 3 who have all graduated with zero debt, and all 3 have cash savings in the bank (and pensions).
    • Vicki127
    • By Vicki127 30th Nov 17, 6:27 PM
    • 4 Posts
    • 0 Thanks
    Vicki127
    • #8
    • 30th Nov 17, 6:27 PM
    • #8
    • 30th Nov 17, 6:27 PM
    His dad has an isa for him we are seperated so I won’t be able to open another one will I?
    • atush
    • By atush 30th Nov 17, 6:29 PM
    • 16,388 Posts
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    atush
    • #9
    • 30th Nov 17, 6:29 PM
    • #9
    • 30th Nov 17, 6:29 PM
    Yes, if he just opened on the one year and didnt put further money in other years. Yes, if he is putting in less than the max, you can contribute too. There is an annual limit.
    • Reaper
    • By Reaper 30th Nov 17, 7:04 PM
    • 6,155 Posts
    • 4,392 Thanks
    Reaper
    Not quite. Your child is allowed one cash Junior ISA and one stocks and shares Junior ISA at any one time.

    As long as you do not exceed the annual limit you can contribute to either one.
    • Vicki127
    • By Vicki127 1st Dec 17, 7:09 AM
    • 4 Posts
    • 0 Thanks
    Vicki127
    Invest how? Sorry I have no idea
    • xylophone
    • By xylophone 1st Dec 17, 9:42 AM
    • 23,682 Posts
    • 13,805 Thanks
    xylophone
    In post 3 above you said that neither of your children had CTF/JISA.

    It now appears that at least one of them does.

    Read the links in my post above and check the situation with their father.

    See also

    http://moneytothemasses.com/quick-savings/parents/best-junior-stocks-and-shares-isa
    • IanSt
    • By IanSt 1st Dec 17, 11:22 AM
    • 155 Posts
    • 114 Thanks
    IanSt
    I want to start saving now for my children incase they decide hey want to go to university I will have some money set aside for it.

    What’s the best savings account for this I don’t want to be able to have easy access to it so I’m not tempted by it.
    Originally posted by Vicki127
    How old are your children?

    If there is 10+ years before they go off then if it were me then I'd look into investing at least some of the money rather than saving. I'd also keep the money in my own name and pass the money across at the time it was needed rather than the whole amount going across to the children when they got to 18.

    Invest how? Sorry I have no idea
    Originally posted by Vicki127
    There are many sites out there that can help you - in my opinion http://monevator.com is a good one to start off with.
    Last edited by IanSt; 01-12-2017 at 11:27 AM. Reason: Editing to add second reply.
    • Mogley
    • By Mogley 1st Dec 17, 11:41 AM
    • 229 Posts
    • 188 Thanks
    Mogley
    If there is 10+ years before they go off then if it were me then I'd look into investing at least some of the money rather than saving. I'd also keep the money in my own name and pass the money across at the time it was needed rather than the whole amount going across to the children when they got to 18.
    Originally posted by IanSt
    I do exactly that. I have a Stocks and Shares ISA which I pay into every month with the main purpose of being able to help out my children if they want to go to university. I started two years ago when my eldest was ten.
    JISA's are not guaranteed to be used in the way you want on maturity, because the money belongs to your children.
    No.25 for 2017 Ł1070/Ł4000 saved.
    You should pay attention to the needs of the moment - otherwise there is no future. But to ignore the future is foolish - living solely for the moment leaves nothing for when the next moment arrives.
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