Child Savings Accounts

JimForTheWin

I'm looking to set up a savings account for my newly born son. The aim is to put the child benefit cheques into the account each month, along with gifts and things from Grandparents etc.

I've been looking around for child savings accounts, (trusts?), but can't seem to find one I like the look of. By the time my son is 18 and can withdraw the money, there should be around £9,000 in the account, far more money than I think should be given instantly to an 18 year old.

Is there an account that can be in his name, can earn tax free interest, but that I can keep control of to dish out for important things (like uni fees etc)?

Reaper

If you want control put in in your own ISA if you have not used up the limits. Consider investments rather than savings over the long term, in which case it is the Stock and Shares ISA part you will be using.

westy22

From November you will be able to set up a children's cash ISA in your son's name - that will absorb any CB, spare savings etc and be tax free. It will, however, then be his money and not yours so he will be able to spend it as he wishes at 18. If you want to keep control of the money past 18 then you will need to set up an account in your own name.