Saving for University fees

Phil_Ralli

My father in law has generously offered to open a savings account to help fund uni fees for our 2 kids aged 10 and 8, and has asked me if I can recommend a plan or adviser. Can anyone give me any tips please. Thanks Phil

Rollinghome

Only to choose your advisor very, very carefully:

From http://www.fsa.gov.uk/pubs/plan/sdg_ri.pdf FSA concerning IFAs -

Quality of advice
The level of unsuitable advice we see in the market remains a significant concern. In addition to concerns around the level of professionalism, insufficient knowledge of complex products and remuneration, firms that have been under stress for a considerable period of time may have a tendency to allow standards to slip as they fight to maintain income streams, resulting in an increase in unsuitable sales.

Go about it as you would buying any high value item and see at least two advisers.

Lokolo

Rollinghome wrote: »

Only to choose your advisor very, very carefully:

From http://www.fsa.gov.uk/pubs/plan/sdg_ri.pdf FSA concerning IFAs -
Go about it as you would buying any high value item and see at least two advisers.

Why would the OP need to see an IFA to set up savings accounts?

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OP. Halifax do a regular saver for children every year.

http://www.halifax.co.uk/savings/childregularsaver.asp

You can start off with just £10 a month.

You haven't stated how much the uncle wants to give so its difficult to determine.

If you want to risk some of the money you can invest it. This would mean risking the return in the hope you get a better overall return.

Rollinghome

Lokolo wrote: »

Why would the OP need to see an IFA to set up savings accounts?

He probably doesn't but he said:

and has asked me if I can recommend a plan or adviser.

He may have more in mind than just savings.

Rollinghome

Lokolo wrote: »

You can start off with just £10 a month.

Hmm. At £10 a month for two kids there should be enough for their uni fees by the time they're about 70.

Or is yours a very cheap one? Not a maths course I take it?



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