Clueless - what's the best way to save for my child?

dollyrocks

Hi,
I have never really had any savings, and I'm ashamed to say that I'm totally intimidated and confused by the products I've been looking at.

I have a 7 month old baby. She was born just in time to get one of the last Child Trust Funds, and I've invested her £50 and had set up a direct debit for £20 a month. However, having thought about it, I've decided to make a much smaller investment into the CTF and set up some kind of savings for her university/house deposit/future spending of some kind. I'd really like it not to be in her name, though, or if it is, for her not to be able to access it until we say (ie not automatically at 18). Is that possible? If not then I'd rather set up something in my name and save in that. I understand there are tax implications with that but I'd say we'd struggle to save more than £20 a month anyway so it won't be a massive amount of money.

Where should I start? I just have no idea and I'd really appreciate some advice.

jimjames

We use F&C childrens savings scheme. £25pm, can stop and start when you want and money is invested into their biggest funds. It isn't a cash deposit though so can go up & down but over the terms you mention it should outperform cash. It would be in your name and can have money drawn out at any point if you want.

http://www.fandc.com/new/it/Default.aspx?id=78408

Avoid any friendly society schemes as they are expensive and very poor value.