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regular saving for a child
scotty1972
Posts: 24 Forumite
Hi looking for some advice as have just had a baby and want to set up a regular savings/investment account to help them go to uni buy a first house etc. What I plan to do is use the weekly child benefit to fund this but am unsure which is the best plan. I like the idea of the child trust fund as this is tax free but would like to retain control so I am worried that as they turn 16 they go on a bender with the money. Is there any way I can have an account in the childs name to benefit from their tax free status but which I can switch over to my name as they leave school to retain control? Would appreciate any thoughts or suggestions.
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Comments
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Bump, sorry.0
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I've just posted on this thread for a not dis-similar question.
Operating accounts as trustee for a child gives you the control that you want.
Halifax Kids Regular Saver at 6% is a decent starting point, but review what you do each year when it matures, to ensure the lump sum built up contniues to earn a decent return.0
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