Best way to save for my child

dutluk2001

Recently became a dad (2 weeks ago) and would like to set up a savings account for my son. been browsing the internet but cant seem to find much info.

im looking to put in around £80 a month but dont no whats best, premium bonds or saving account?

any advice appreciated
cheers

jimjames

Or alternatively if you are prepared to consider some risk then investing in share based childrens investments may be worth investigating. I use F&C and Aberdeen which I find to be very flexible and low cost.

MrsChips

I've just opened the Halifax Regular Saver @ 6% Interest for my 8 week Old Son. It seems the best fixed rate around and you are only tied in for 12 months. The Only downside is you can only open the account with a maximum of £100 and we had £600 to Invest ... We are just going to set up a standing order for £100 per month until the £600 has gone and then start to pay in his Child Benefit for the remaining 5 Months.

opinions4u

MrsChips wrote: »

I've just opened the Halifax Regular Saver @ 6% Interest for my 8 week Old Son. It seems the best fixed rate around and you are only tied in for 12 months. The Only downside is you can only open the account with a maximum of £100 and we had £600 to Invest ... We are just going to set up a standing order for £100 per month until the £600 has gone and then start to pay in his Child Benefit for the remaining 5 Months.

Open multiple accounts. Dad as trustee on one, Mum as trustee on the next, each grandparent as trustee as well ...

barak

Don't forget Junior ISAs which are coming later this year -

http://www.hmrc.gov.uk/budget-updates/march2011/junior-isa-regs.pdf