Childs Savings accounts?????

notaclue2

Hi,

My child does not have a child trust fund as she was born before this was brought in.
However i would like to open an account for her depositing around £600.00 then adding say £10-30 per month to it.

I would like to find something that she is unable to access until the age of 18 but having browsed a few options i am totally confused!

Can anyone help...any recommendations?

Thanks

opinions4u

If you want to focus on cash deposits, then you can open something like a Halifax Guaranteed Reserve account as trustee for the child. When it matures (e.g. in 3 years time) you simply agree a new rate and term and it continues until you eventually decide to pass the funds to the child.

The monthly amount could go in to a Kids Regular Saver with Halifax paying 6%. On maturity you would then need to decide what to do with the funds - potentially top up a maturing Guaranteed Reserve or set up a new / separate one if you've topped £500 (£41 a month should just about do this).

If you fancy a little bit more fun with the stock markets, google Alliance Trust and dig around kids savings plans and bare trusts.