Use your child - best child savings account

farahfoo

Does anyone know if a child's ISA savings will effect their eligibility for state help when they go to university? I suppose I have the same question for other child savings accounts? Thanks for any advice wise money saving experts!

ozziegrandma

I'm looking to make a regular monthly saving for a grandchild who lives in Australia, she is only 2 months old and I like to would open an account with £500 Where is the best account to put money away until she is 18?

edrandall

My teenage daughter (age 14) has started some part-time weekend work, but she has been told she needs a bank account to get paid.
Something with a number and sort code presumably so BACS will work.
She'd like access to her money via cash machines and a debit card if possible I guess.
There seems to be plenty of "savings" products out there which lock up their money, but I have no idea what the market is like for junior current-type accounts. It's not big money so anything requiring £1,000 per month is a non-starter, closer to £50/month and it would be irregular (ironically, reducing during school holidays) - so don't want any charges.
Can anyone recommend anything?

Froggitt

My kids 15 and 17 both opened a Metro Bank account, and they get paid via BACS into it. Also cashpoint card so they can get money out. Not sure if it works as a debit card, although I think it must if they are ordering stuff online.

xylophone

I'm looking to make a regular monthly saving for a grandchild who lives in Australia, she is only 2 months old and I like to would open an account with £500 Where is the best account to put money away until she is 18?

https://forums.moneysavingexpert.com/discussion/4738277

https://forums.moneysavingexpert.com/discussion/comment/64392909#Comment_64392909

joeyvicks

Hi

I have a 2.5 year old daughter and would like to start a savings account of some sort for her.
I'm not too keen on the JISA option as I'd like to have a say in what the money goes towards.
I have £500 to put in plus I'd like to set up a standing order of £25 per month.
I don't need to access the account or make any withdrawals just want something that pays a decent bit of interest.

Any advice would be greatly appreciated

xylophone

I have a 2.5 year old daughter and would like to start a savings account of some sort for her.

Don't forget the £100 rule if saving in your child's name outside tax privileged account like JISA - also, the child has an absolute right to capital and interest in such an account from the age of 18(16 in Scotland).
http://uk.virginmoney.com/virgin/savings/learn/childrens-accounts/

You could always regard your own ISA ( or anther account of your own)as "earmarked" for your child at a time of your choosing but should you require means tested benefits at any stage, such an account would be taken into consideration as your money.

As returns on cash are rather poor at the moment and you are considering saving for well over ten years, you might want to consider saving in a designated account in an investment trust or OEIC.

Example and explanation of the difference between bare trust ad designation here http://uk.virginmoney.com/virgin/savings/learn/childrens-accounts/

Ophie

Hi

My daughters grandparents have around £13,000 for her. What are the best suggestions for saving accounts to be set up and should I set them up or should the grandparents set them up?

Ideally I'd like some of it to be in an accessible account, but the rest put away to gain interest. I currently bank with Barclays, but know they don't offer the best savings for children.

Any advice gratefully received. Thanks

xylophone

My daughters grandparents have around £13,000 for her.

They could choose to contribute to a JISA https://www.gov.uk/junior-individual-savings-accounts/overview

A child saving account could be used http://www.moneysavingexpert.com/savings/child-savings-tax-free

They could choose to invest in bare trust in a stock market based investment example http://www.sit.co.uk/products/investing_for_children/features/how_to/

https://www.hl.co.uk/free-guides/investing-for-children might be worth a look.

MallyGirl

edrandall wrote: »

My teenage daughter (age 14) has started some part-time weekend work, but she has been told she needs a bank account to get paid.
Something with a number and sort code presumably so BACS will work.
She'd like access to her money via cash machines and a debit card if possible I guess.
There seems to be plenty of "savings" products out there which lock up their money, but I have no idea what the market is like for junior current-type accounts. It's not big money so anything requiring £1,000 per month is a non-starter, closer to £50/month and it would be irregular (ironically, reducing during school holidays) - so don't want any charges.
Can anyone recommend anything?

My daughter has a Santander child account inc debit card. It pays 3% on balances up to £500. She got it when she turned 11 and I pay her pocket money straight in by standing order. It has helped her to start understanding about banks accounts, saving etc. Plus she buys her own kindle books off Amazon now as she has her card linked