Best savings account for new baby

Gillsx

Hi,

I am looking to open an account to start saving for our newborn. We are looking for an account that they cannot access until they are 18, and will give a good rate of return without tying us into paying in monthly (though for a really good rate of return we will consider a small amount each month). I am stumped on whether to do savings accounts, or ISA's or other as there is so much information out there I can't take it all in! Can anyone shed some light or opinion on what they think is the best option?

Thanks!

Ultrasonic

If you haven't already, have a read of this:

http://www.moneysavingexpert.com/savings/junior-isa

It does a good job of explaining things I think.

xylophone

A junior isa might be your first port of call - this is not subject to the so-called "£100 rule" see links below.
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingMoney/PlanningYourPersonalFinances/DG_10013916
http://www.hmrc.gov.uk/tdsi/children.htm
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingMoney/SavingsAndInvestments/ISAsandJuniorISAs/DG_199672
The Halifax JISA might be of interest if either of you have/are prepared to open an ISA with the Halifax. http://www.halifax.co.uk/savings/accounts/branch-accounts/
http://www.juniorisaproviders.org/
http://www.liontrust.co.uk/Products/IndividualSavingsAccountISA/JuniorIndividualSavingsAccountJISA.aspx
http://www.moneywise.co.uk/investing/investment-trusts/benefit-the-new-junior-isas-investment-trusts