Savings - for children born before Sept 2002

jeekster

My child missed the governement Child Trust Fund by 3 months (only eligible for children born after 9/02). Thing is I'd like to do something similar for my son but I'm not financially savvy and would love some advice. He does have 'current account' which we put xmas/b.day money in but we'd like to start saving for when he's older in case he want to go into highter education or we help out in other ways. Any tips from anyone on long-term, tax efficient saving for children? Thanks.

ReportInvestor

Investment Trusts often have child savings schemes.

They have been around a long time, tend to have low charges and suit a long term savings scheme (because this helps reduce some extra risk that ITs have compared to a unit trust because of their variable discount to net asset value & possible borrowing to invest).

They will also help you set up a bare trust for free so that your child gets the money at 18 but you, as parents, can give him money without worrying about the income it produces for tax purposes.