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Advice for new DD's savings needed
quidsin
Posts: 336 Forumite
Hi, our new daughter is now 4 weeks and we're looking to start off her savings,
starting with the governments £250, which will probably be topped up with £10 / £20 month and anything else she gets from birthdays etc. I've heard trust funds are probably better, but which one?
Any advice?
starting with the governments £250, which will probably be topped up with £10 / £20 month and anything else she gets from birthdays etc. I've heard trust funds are probably better, but which one?
Any advice?
0
Comments
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Have a read of Martin's article on the subject.Time has moved on (much quicker than it used to - or so it seems at my age) and my previous advice on residential telephony has been or is now gradually being overtaken by changes in the retail market. Hence, I have now deleted links to my previous 'pearls of wisdom'. I sincerely hope they helped save some of you money.0
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The voucher from the Government has to go into a Child Trust Fund. For any extra money, you can either put it into the child trust fund, or open a different savings account - you need to weigh up the pros and cons to both.
You need to decide whether you want the child trust fund money to be invested in cash or shares - and if you chose shares, you need to decide whether or not you want it to be a stakeholder.
Have a look here
http://www.childtrustfund.gov.uk/
http://news.bbc.co.uk/1/hi/business/4391751.stm0
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