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Saving for grandchildren

We want to set up some form of savings for our grandchildren, aged 8 & 6. Nothing massive, either 2k each as a lump sum or, perhaps more sensibly, a regular payment of, say, £85 per month over 2 years. We have done something separately for our older granchild by setting up a regular "allowance" while she is in 6th form.

Given the time spans involved it strikes me that an equity based investment could be suitable.
Any suggestions??

Gus M

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