Saving for my child

RiderOnTheStorm

Hi there ladies and gents

I was hoping if I can seek your advice regarding the saving options for my 5 week year old girl.

Firstly, obviously, we have the money for a CTF. Any thoughts on the best way to go with this?

Secondly we have £1000 to put away for her. We have decided to spilt that into two amounts of £500 and use each of those 2 pots differently to spread the risk and reward. We might put one of these amounts into the CTF to help boost that particular pot but we are wary to invest all of it into that as we realize that giving the amount saved over 18 years could be wasted quite easily by an 18 year old. We'd like to have some control over some of the money as we can give her another lump sum later on.

Lastly ourselves and the respective grandparents are looking to open a savings based account where we can all contribute on a regular basis. Is a normal savings account the easiest and best way to go or would investing and saving into something like an ISA be better in the long term.

So what are the best options for us? Any advice would be greatly appreciated.

Thanks in advance

Reaper

I seem to be endlessly answering the same questions. Start by using the forum search tool then come back if you have any more questions after that. Here are a couple of old posts to get you started:
For Investment CTFs: http://forums.moneysavingexpert.com/showpost.html?p=34505779&postcount=5
For grandparents investments: https://forums.moneysavingexpert.com/discussion/2723699

P.S. For complete control either a S&S ISA or a cash ISA in your own name, as long as your will sees they get the money and as long as inheritance tax will not be an issue.

P.P.S. For savings instead of investments: http://www.moneysavingexpert.com/savings/child-savings-tax-free

cloud_dog

Reaper wrote: »

I seem to be endlessly answering the same questions.

Yes, but you're very good at it.

I used to loiter a lot on the CTF board (trying to help) but it became obvious that most posters dont actually do much to help themselves.

But you're great.... keep up the good work :T