savings account for child

kheywood

Hi

I would like to invest approx £20 - £25 a month into an account of some sort be it Child Trust Fund or a High Interest Savings Account. I am after what will get the best for my new baby son Ethan when he turns 18 (he is currently a week old).

Thanks

Kyle (new dad)

helliecopter1

Congrats on the birth of Ethan and well done for planning for his future already. I personally don't like the idea of the CTF as you're not in charge of your money and investing in stocks and shares isn't guaranteed. I appreciate people will argue the whole boom / bust cycle, but I'd rather control it myself and know what it's worth today and tomorrow.

I've opened Halifax regular savings account for both my children (4,2) and pay £20 /month @ 10%. On the anniversary the balance is transferred to a child's save4it account which isn't as high but they're growing nicely. I used all the money they received when they were born and also add any birthday / christmas money into the save4it to boost their savings.

opinions4u

www.halifax.co.uk/savings

Children's Regular Saver pays 10% on £10-£100 a month.

Each year when this matures transfer the proceeds and interest in to the Child Trust Fund (which you will choose after getting your voucher from the Government).

central

How about a stakeholder pension? He may not thank you for taking that route when he's 18, but no matter what sticky financial situations he may find himself as he goes through life, at least you can take comfort from the fact that he will have an income when he is in later life - and many congrats by the way!

nomorekids

I too would like to offer my congratulations but please be careful, this is a public forum and you have just told all the fraudsters in the world that Ethan heywood born around 19th october 2008 will have a nest egg when he is 18.