Best savings for my new grandchild

megglers

Hi can you help please I have a new grandaughter who lives in the states and I would like to set up a bank account for her here to help with college funding when she is old enough.
Thanks for any help
Megglers:j

opinions4u

Couple of options to consider:

1) Are the parents investing tax free in a child trust fund? This may be something to consider paying in to.

2) A Halifax Children's Regular Saver account £10-£100 a month pays 10% - needs linking to a Save4It account currently paying 5.55%. Two grandparents can invest twice over between them.

3) Some sort of investment trust such as ones provided by http://www.alliancetrust.co.uk can offer potentially higher returns in a way that ensures the funds are held on behalf of your grandchild.

There are numerous other options depending on how much you want to save, how often, and what type of investment risk profile you wish to take. It may be that doing the Halifax Regular Saver and investing a lump sum in to an investment trust annually is the best way to do this if you want to keep it outside the child trust fund.