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Long Term Savings
didnof
Posts: 53 Forumite
hi everyone, i've been looking online for a bank account for savings but i's struggling to find one that really stands out.
i have a brand new born baby and i am looking to open her a bank account and deposit about £30-40 in there over the next 20 years or so (long term wedding present!).
obviously i would like to find a bank account that would have the highest interest rate. i would not need access to the bank account at all, and there would be a monthly deposit going in.
i've not really looke dinto investing it, but also would not be against the idea if it was generally classed as low risk.
if any of you have any ideas that spring to mind it would be much appreciated!
thanks.
i have a brand new born baby and i am looking to open her a bank account and deposit about £30-40 in there over the next 20 years or so (long term wedding present!).
obviously i would like to find a bank account that would have the highest interest rate. i would not need access to the bank account at all, and there would be a monthly deposit going in.
i've not really looke dinto investing it, but also would not be against the idea if it was generally classed as low risk.
if any of you have any ideas that spring to mind it would be much appreciated!
thanks.
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http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingMoney/SavingsAndInvestments/ISAsandJuniorISAs/DG_199672
Halifax offer 6% on JISA if "registered contact" (usually parent )has ISA with it http://www.halifax.co.uk/savings/accounts/branch-accounts/#juniorcashisa0 -
If you are looking at investing - which many would consider worthwhile over the timescales you are suggesting then this is one option
http://www.fandc.com/new/it/Default.aspx?id=97601
We use them for our kidsRemember the saying: if it looks too good to be true it almost certainly is.0 -
thanks for the replies. i must admit i quite like the idea of "fandc" investments. i'll need to read up a bit about it but from what i can tell the core type look a pretty solid investment with little risk but greater return than a bank over this sort of timescale. thanks for the info, very useful.0
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The only things with a junior isa is that fact that i think they automatically go to your child to control at a certain age. Can't remember the age that it is though.0
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The only things with a junior isa is that fact that i think they automatically go to your child to control at a certain age. Can't remember the age that it is though.
What happens when your child is 16 or 18
When your child is 16 they can become the registered contact and manage their own account if they want to.
When your child is 18 they can choose to take the money out of the Junior ISA or invest it in a different type of account. Otherwise the Junior ISA will automatically become an adult ISA.0 -
If your time scale is 20 years you are much better off investing it rather than saving. A sensible investment will always beat savings over that time scale...0
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