Best Savings Plan for Child's Future

mummyg28

I hope someone can help us! Have had a look on the net and are not any further forward!

We have a 10 year old daughter and have no savings in place for her future. We've always intended to get started but through redundancy and struggling with day to day living expenses when she was younger we just put it off. This period also impacted on our credit ratings so we worry about applying fo accounts, albeit a savings account. :embarasse Income wise however, we are in a much better place and want to make up for lost time.

We'd like to save at least £100 per month so that when she is 18 there'll be almost £10,000 for her to go to uni or learn to drive and get her first car etc etc.

What would be the best way to go about this?

Thanks in advance for your help!!:)

Newbie2saving

I don't think savings accounts go on your credit rating, only credit cards or loans, only use them to confirm your identity http://www.experian.co.uk/consumer/questions/askjames215.html have a quick google search to confirm.

With regards to savings £100/month could go into the halifax kids regular saver at 6% (but read up on reg savers if you are not sure how they work, there is a page on MSE) http://www.halifax.co.uk/savings/accounts/branch-accounts/#kidsregularsaver

Good luck.

Daniel_Elkington

To be honest, if you don't want to pay for advice, then go here, a guide on investing by the education arm of the FSA;

moneyadviceservice.org.uk/yourmoney/savings_and_investments/investments/new_to_investments.aspx

It's fairly long-winded but accurate.

Then go here, the same body's cost comparison service:

tables.moneyadviceservice.org.uk/Comparison-tables-home/Unit-trust-and-OEIC-ISAs/Compare-unit-trust-and-OEIC-ISAs/

And tap in what you want to invest in.

Open up an ISA in your name as you may not want the money in their control, especially if they grow up to be reckless.

If you do want advice you could try

findanadviser.org

This is a bit better than unbiased as people pay to get listed on unbiased, findanadviser is for PFS members who have an ethical code of conduct as regards treating customers fairly.

I'm not allowed to post links yet so add the www. to the start of the first and third 'link'

ifaplanner.biz

xylophone

As she was born before 1 Sept 2002 she would be eligible for the JISA - http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingMoney/SavingsAndInvestments/ISAsandJuniorISAs/DG_199672 - this is not subject to the "£100 rule" - see http://www.direct.gov.uk/en/moneytaxandbenefits/managingmoney/planningyourpersonalfinances/dg_10013916
http://www.hmrc.gov.uk/tdsi/children.htm
Halifax offer the relationship JISA - 6% for the child if adult has Halifax ISA. http://www.halifax.co.uk/savings/acc...anch-accounts/
http://www.halifax.co.uk/savings/int...unior-cash-isa
These might also be worth a look:
http://www.moneywise.co.uk/investing/investment-trusts/benefit-the-new-junior-isas-investment-trusts
http://www.hl.co.uk/investment-services/junior-isa

snowcat53

Daniel_Elkington wrote: »

If you do want advice you could try

findanadviser.org

This is a bit better than unbiased as people pay to get listed on unbiased, findanadviser is for PFS members who have an ethical code of conduct as regards treating customers fairly.

My experience of this website is not good .
I tried it today and contacted the best qualified person listed - he emailed back that he no longer operates (since several years ago). The site is poorly designed and clunky - try widening the seaqrch from local to regional to discover how. In my mind this doesnt augur well or inspire confidence in the advisors promoted.