Setting up account for 1 year old...

Money_Saving_Mommy

We have a Halifax Save4it account for our daughter (she's 6 months old), the idea is to save for Uni fees should she choose to go, but its also an account that family and friends can deposit money into.

Ultimately, as its her money, its entirely up to her what she spends it on.

My plan is to teach her about saving as she grows, if she wants something (new toy and its not Birthday or Christmas), then we take her to the bank and she withdraws her own money.

This will probably result in her having more than one account!

They have a couple of accounts, we chose Save4it as we can deposit lump sums as and when, without having to commit to a regular monthly payment.

(I tried to post the link but as a new user, the site won't let me)

Good luck with your search

Choco1208

Thank you so so much for the above posts. I have learnt so much from ur post Sammi.
And, money saving money I think it's great what ur doing. I would love to teach her to value money. I will look into the save4it account, thank you!

Azrael_1701

Snakeeyes21 wrote: »

IMO you would be best off putting tha £200 a month towards a mortgage, get it
paid off faster, pay less interest and build up a pot that way, putting it in to bricks
and mortar always has been and always will be a fairly safe bet with the added benefit
that you cant pull out a brick to take down the shops

Unless you live in London....

jackyann

Choco - she won't be spoiled if you love & care for her properly, talk to her, teach her how to save & budget, let her hear you talk about money & how best to spend it, as well as valuing those things money can't buy.
But I would add that part of that is agreeing NOW on how to use your hard-earned cash for the benefit of your family.