Savings for Children

sc0ttd83

Hello all

I have a 1 year old daughter and I want to start up a savings account which I can pay into for it to build up over the years.

I just wondered what the best account would be? I know there are ones where you pay into and then you can have the money when they reach 18 but are there any others that are similar as I dont want to have to wait until she's 18 to be able to give it her just in case there is a need to before this (if she wants to use it towards a car when she turns 17 etc).

Any help would be great.

Thanks

xylophone

First see http://www.hmrc.gov.uk/tdsi/children.htm and http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingMoney/PlanningYourPersonalFinances/DG_10013916 re parents saving for children.

The £100 rule does not apply to the JISA. (I am assuming your child was born after 2 Jan 2011) but this is one of the "access at 18" accounts to which you refer. http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingMoney/SavingsAndInvestments/ISAsandJuniorISAs/DG_199672
And see this thread. https://forums.moneysavingexpert.com/discussion/comment/54186425#Comment_54186425

http://www.moneysavingexpert.com/savings/child-savings-tax-free