Childs Savings Account - Advice Please

FireWire_3

Hi there,

I'm looking to start a savings account for my eldest son who is 8 years old. My youngest has a CTF that we put £20 per month towards so he should have a little nest egg to maybe buy a car or help towards college etc.

I'm looking for an account that can't be touched until my eldest is 18 but can't seem to find anything.

We will be looking to put around £35 per month and wonder if anybody has any ideas as to what accounts we should open as we are not very good at saving and with a basic ISA there is always the temptation to dip in when things get tight.

Does anybody think it would be a good idea to save the money until he is 13 then put this into some kind of 5 year bond so it matures when he reaches 18????

Any advice would be greatly received.

Thanks

Cautious_Investor_3

Hi

This might not be the most helpful comment but rather than looking for an account that suits your current behaviour pattern I'd suggest looking for the best account and amend your behaviour!

Can you not set up a direct debit to a savings account for the £35 per month and then just forget about it? After all it's for your son, it might be the difference between no car and a car when he is 18, try and explain the fact he can't have a car when all his mates have got one because you spent the cash on a holiday!

Forgive me, I'm teasing a little here but hopefully you take my point!

The Cautious Investor

FireWire_3

Thanks Cautious Investor for posting your reply. Your right in saying I should be able to save the money and forget about it! With me turning 30 next month I think i'm having a mini mid life crisis and i'm worrying the eldest will end up with nothing or worse case me having to take a loan out to give him for his 18th birthday present.