New born

Dancoopbron

Hello

My wife and I are lucky enough to be expecting a little one any day..

I wanted to open some type of saving acc.

We will only be able to put £50 po so in a month however when they turn 17 will be enough to get a car or deposit on a house etc.

Any thoughts what we should be looking into to,get the best over the long term?

Thank you...

grimerking

You can set up a Junior ISA and pay in up to £3600 a year.

If you really want to start out on the right foot, you can put £3600 a year into a Junior SIPP

missile

Congratulations

xylophone

If you really want to start out on the right foot, you can put £3600 a year into a Junior SIP

Not if he wants the child to have access at 17!
If you are looking to give the child access at 18 then a JISA is a good idea, particularly for parents as they thus avoid the "£100 rule" malarkey (which does not apply to the JISA).
http://www.direct.gov.uk/en/moneytaxandbenefits/managingmoney/planningyourpersonalfinances/dg_10013916
If you have (or are prepared to open) an adult ISA with the Halifax, the Halifax JISA with relationship interest might suit.
You can also use the JISA for Investment Trusts or OEICS.
http://www.jisa.org/
http://www.telegraph.co.uk/finance/personalfinance/investing/8856061/Investment-choices-for-your-Jisa.html
http://www.hl.co.uk/investment-services/junior-isa
http://www.alliancetrustsavings.co.uk/adviser/products/childrens-accounts/junior-isa/

bigfreddiel

grimerking wrote: »

You can set up a Junior ISA and pay in up to £3600 a year.

If you really want to start out on the right foot, you can put £3600 a year into a Junior SIPP

as above JISA - tracker funds - go for hsbc ftse/amercan/pacific/japan

remember the JISA run for 18+ years so low costs are essential trackers ay cost you £1,500 or so over 18 years

other funds may cost as much as £12,000 to £15,000 over the same period - the choice is yours

hope that helps

fj