Saving for my son

SmileyG_2

hoxtonbabe wrote: »

Hi,

I have a lump sum of around £1500 that i want to invest/save for my son who is 10, ideally I want to put this aside and just leave it for 6-8 years to grow.

At the moment it is in a Nationwides kiddies account with instant acess but not sure if this is best as when he gets older and has acess to it, I am pretty sure he will sudenly have lots of new clothes and games! :rolleyes:

Any advice would be much appreciated.

Thanks

Lokolo

Hoxtonbabe didn't want the child to have access to the money.....

As the lad is over seven, he'll have to open the account.

Maybe he can be convinced to hand over the passbook and then he might forget about it.......

SmileyG_2

fullstop wrote: »

A useful site for children's savings.

http://www.myeggnest.com/

full stop,

just read you signature quote.

How about; "when the Government borrows, the saving citizen is stuffed!"

Lokolo

SmileyG wrote: »

Lokolo

Hoxtonbabe didn't want the child to have access to the money.....

As the lad is over seven, he'll have to open the account.

Maybe he can be convinced to hand over the passbook and then he might forget about it.......

Exactly. Who says the kid has to know about the account? Hes 10 for jeebus. I was more interest in pokemon than my bank account at that time. I was happy to get £1 pocket money :rotfl:

greenface

Lokolo wrote: »

Exactly. Who says the kid has to know about the account? Hes 10 for jeebus. I was more interest in pokemon than my bank account at that time. I was happy to get £1 pocket money :rotfl:

£1 pocket money
you were lucky in my dayz jezzus
I would have to sleep in a cornflake box on a park bench:rolleyes:



PARK BENCH YOU WERE LUCKY

rb10

SmileyG wrote: »

Lokolo

Hoxtonbabe didn't want the child to have access to the money.....

As the lad is over seven, he'll have to open the account.

Maybe he can be convinced to hand over the passbook and then he might forget about it.......

No, an account can be held by an adult as trustee for a child up until the age of 16.

The age seven comes up because when a child is under seven, the account must be held by a trustee. From ages 7-16 there is a choice.

SmileyG_2

rb10 wrote: »

No, an account can be held by an adult as trustee for a child up until the age of 16.

The age seven comes up because when a child is under seven, the account must be held by a trustee. From ages 7-16 there is a choice.

Thanks for putting me right.....

evenasus

Lokolo wrote: »

I was happy to get £1 pocket money :rotfl:

A POUND!

I used to get a shilling (5p) and quite a few sweets I could buy with that.

Wish my parents hadn't let me buy so many sweets, it would have saved me a fortune in dental bills.:rolleyes: Do you know how much an implant costs?:eek:

Lokolo

evenasus wrote: »

A POUND!

I used to get a shilling (5p) and quite a few sweets I could buy with that.

Wish my parents hadn't let me buy so many sweets, it would have saved me a fortune in dental bills.:rolleyes: Do you know how much an implant costs?:eek:

I actually have to pay for the dentist now! Damn appaling, £15 to get told my teeth are amazing. I can tell that by looking in the mirror damnit! And yeh £1! I am only 20 though so it was only 10 years ago

fullstop

It's not looking good at the moment for parents who invested in a stock market CTF for their children.

http://news.bbc.co.uk/1/hi/uk/7768751.stm

hoxtonbabe

Hi,

thanks for all your replies, i will look into your suggestions.

HB