Which type of savings account do i need?

jdavies_3

Hello
I currently have a childs trust fund which pays out to my little boy when he is 18.
I am also wanting to open an account which works in the same way (I can pay into it monthly and not touch the money for 17/18 years) but in my name, this way I can get the money in a lump sum to pay for his university fees, rather than him getting it all and spending in on what young kids do!

What type of savings account do I need and which is the best company? Does anyone know?

Many thanks in advance!!

Mikeyorks

You had some replies on your earlier thread :-

https://forums.moneysavingexpert.com/discussion/comment/37074398#Comment_37074398

........ there's no identical adult equivalent to a CTF. You would best maximise monthly payments from 'new' money (saved out of current income - as opposed to recycled savings) by using a Regular Saver account.

http://www.moneysavingexpert.com/savings/best-regular-savings-accounts

But ...... with a 17 year timeframe you should seriously consider investing as opposed to saving? A balanced choice of Funds over that timeframe should give a much better return than cash ...... put it in an S&S ISA to avoid any tax implications. DIY supermarkets such as Hargreaves Lansdowne (do a Search on this forum and it will return lots of threads) allow monthly funding ..... I think the minimum is £50 monthly. You can always choose one or more of their multi-manager Funds if initially unsure of what to choose.