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Savings account for our newborn son ?

robadub
robadub Posts: 23 Forumite
First Anniversary Combo Breaker
in Savings & investments
Hello, following the arrival of our first child we are wanting to set up a savings account for him start up amount wont be much only £50 or something, we would probably just be putting £10 a month in for starters plus any money recieved as gifts from familly etc.

Could anyone reccomend the best sort of account we should be looking at ? We will not be looking to withdraw any money for a few years atleast.

Any help greatly recieved, thanks in advance. :o

Comments

  • MsHoarder
    MsHoarder Posts: 410 Forumite
    There's a Halifax Children's Regular Saver which is probably what you are looking for: http://www.halifax.co.uk/savings/accounts/childrens-savings/childrens-regular-saver/.
    "Every single person has at least one secret that would break your heart. If we could just remember this, I think there would be a lot more compassion and tolerance in the world."
    — Frank Warren
  • IanIan
    IanIan Posts: 70 Forumite
    I've just opend a children's account with the Bath Building Society for my children. Called a Futurebuilder account, it pays 5%.
  • Newbie2saving
    Newbie2saving Posts: 867 Forumite
    I would second the Halifax regular saver. You can make different payment amounts each month as long as you pay in every month and a min of £10, max of £100. Put the £50 in to start with then set up a standing order to pay in your £10 a month.
  • Asheron
    Asheron Posts: 1,229 Forumite
    Buy him a 1oz Silver Coin every month...............

    And when he is 20 he will be able to get a small 2 bed house with the 240 silver coins
    As an investor, you know that any kind of investment opportunity has its risks, and investing in Stocks or Precious Metals is highly speculative. All of the content I post is for informational purposes only.
  • Tpee
    Tpee Posts: 2 Newbie
    Can I ask, with such an account, do you know if its possible to have child benefit paid into it??? I'm looking to save for my son too.
  • Newbie2saving
    Newbie2saving Posts: 867 Forumite
    Tpee wrote: »
    Can I ask, with such an account, do you know if its possible to have child benefit paid into it??? I'm looking to save for my son too.

    You would need to have the CB paid into your account and then set up a standing order to transfer the money into the regular saver.
  • robadub
    robadub Posts: 23 Forumite
    First Anniversary Combo Breaker
    With the Halifax account you can only pay in by standing order cant you ?

    We would like an account that you can make one off payments into aswell.
  • robadub
    robadub Posts: 23 Forumite
    First Anniversary Combo Breaker
    robadub wrote: »
    With the Halifax account you can only pay in by standing order cant you ?

    We would like an account that you can make one off payments into aswell.

    ???????????
  • Careful_ly
    Careful_ly Posts: 622 Forumite
    First Post First Anniversary Combo Breaker
    It is standing order only, but the amount is variable upto £100 per month so you can alter the standing order if you wish to save more.
This discussion has been closed.
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