Use your child - best child savings account

xylophone

http://www.hmrc.gov.uk/trusts/types/

The money in the JISA is available to her at the age of 18. https://www.gov.uk/junior-individual-savings-accounts/overview

If you are thinking of setting up a discretionary/accumulation trust, the tax treatment is complex so it would be wise to take expert advice.

http://www.step.org/system_pages/call_to_action_navigation/search_for_a_step_member.aspx?link=header-menu might be worth a look.

Froggitt

Woodyrocks wrote: »

My main interest is to safeguard some money for DD's future. I am about to open her first JISA and will be using the current years allowance before the 5th of April. The intention is to max it out annually for her and all in all she will have 5 tax years of JISA deposit - all things willing - before turning 16.

From memory, you can contribute to the JISA until age 18, and also contribute to an ISA from 16.....ie really maxing out their tax free savings.

IMHO Halifax JISA is still the way to go - paying 6% (AFAIK) so long as you yourself have a Halifax ISA.

Woodyrocks

Thank you for the answers and links. Will be checking out STEP in greater detail. Been looking for alternatives to the Halifax JISA as I do not have my ISA with them and Coventry BS JISA looks like a good one.

thunderbird

Norwich & Peterborough Family Regular Saver account - as mentioned in the bestbuys section has been withdrawn
I just called to apply and was told it was withdrawn last Wednesday.

kls81

Hi
i have a 4 week old baby and would like to know which is the best savings account to open for him. ive read the info and im slightly confused !!

thanks

xylophone

Hi
i have a 4 week old baby and would like to know which is the best savings account to open for him. ive read the info and im slightly confused !!

thanks

Do you wish to consider a JISA? https://www.gov.uk/junior-individual-savings-accounts/overview -£100 rule does not apply to this account.

Or are you looking for a child saving account outside JISA - example here http://bank.virginmoney.com/savings/learn/childrens-
accounts/

And see http://www.moneysavingexpert.com/savings/child-savings-tax-free

AlwaysLearnin

And/or perhaps the Halifax kids reg saver:

http://www.halifax.co.uk/savings/accounts/branch-accounts/#kidsregularsaver

innovate

If you are looking at the longer term (say 7+ years), you should consider investments rather than savings. Investments have historically outperformed cash savings by a wide margin.

You can make regular contributions to investments in JISAs, up to [strike]£3,600[/STRIKE] £3,720 a year I think. Plus you could of course make further investments outside a JISA, though any gains would be taxable.

You can pick one, or a couple, of funds, and just let them run for the next several years. How to pick the fund(s): read http://monevator.com/category/investing/passive-investing-investing/

Many fund supermarkets/brokers offer JISAs. A list of some of them is here http://monevator.com/compare-uk-cheapest-online-brokers/

innovate

PS.. By a mile the best kids cash ISA is offered by Halifax - 6% AER. You need to have an ISA there yourself to get at it, but this might be very easy to achieve, particularly if you don't have any ISA for the current year elsewhere.
http://www.halifax.co.uk/savings/accounts/cash-isas/junior-cash-isa/

bbtizy08

I'm sure there are so many other parents out there in the same boat as us and need his help and advice

I am a mother of 3 young children, we were eligible for the government child trust fund vouchers for our first 2 girls (1 born 2007 & 1 born 2009) we put them into accounts and pay an additional £10 a month into each account and have done from the off. However, our son was born 2011 so wasn't eligible and to date we haven't 'got round' to sorting out something for him as have no idea what that is the closest way to go about it so its fair and similar to what the girls have. Not only that, are we wasting our money paying this £10 a month into the girls accounts? Should we stop that payment and pay it into something better like an Isa or a child savings account?

Thank you