Childrens savings

Onwardsandupwards

Hi guys,
I'm sorry if this has been posted before but I was wandering if any of you could recommend the best savings account for a child please?

Archi_Bald

Did you check http://www.moneysavingexpert.com/savings/child-savings-tax-free?

jimjames

If they're young then I wouldn't use a savings account for them if it is money for them long term.

If they qualify for junior ISA that is one option, if not then this is possible too

http://www.invtrusts.co.uk/aam.nsf/InvestmentTrusts/investchildren

Casciana

Does anyone know of any savings accounts, or ISAs that can be opened for children living abroad, with grandparent in UK as trustee? I am higher rate tax payer, and use annual ISA allowance in my own name towards Pension planning, so don't have spare allowance under my own name (as advised elsewhere on MSE site).

xylophone

If this is for the long term, you might consider saving in an investment trust in bare trust for each grandchild - example

http://www.sit.co.uk/products/investing_for_children/features/questions_and_answers/

Onwardsandupwards

Hi thank you for the replies. It's for my son he is six months old they have a savings account with loylds but I sort of did this for easiness as I bank with them. However his grandad wants to put a lump sum for him to have when he reaches 18. I'm no good with working out good deals and I don't trust the banks to tell me which is the best one as I know they work on commission.

Archi_Bald

Casciana wrote: »

Does anyone know of any savings accounts, or ISAs that can be opened for children living abroad, with grandparent in UK as trustee? I am higher rate tax payer, and use annual ISA allowance in my own name towards Pension planning, so don't have spare allowance under my own name (as advised elsewhere on MSE site).

ISA holders must be resident in the UK, so the answer is no.

You can have a SIPP alongside an ISA, and/or increase your contribution to your work pension scheme. Hop over to the pensions board to ask about it if you need more information.

xylophone

Can you please clarify whether you and your child live in the UK?

Onwardsandupwards

If your talking to me yes we do

xylophone

If your talking to me yes we do

Onwards and upwards, your six month old son's grandfather wishes to make him the gift of a lump sum - I take it that you do not wish to use the JISA? ( Best rate for cash JISA provided that you hold an ISA with them is provided by the Halifax).

If not, then the cash will be held in bare trust for your child - who is the trustee, you or grandfather?

In view of the long time period, grandfather may prefer to consider a stock market based investment held in bare trust - see post 5 for example. There are others, Baillie Gifford for example.

http://www.bailliegifford.com/individual-investor/how-to-invest/investing-for-children.aspx

Otherwise see post 2?

Onwardsandupwards

xylophone wrote: »

Onwards and upwards, your six month old son's grandfather wishes to make him the gift of a lump sum - I take it that you do not wish to use the JISA? ( Best rate for cash JISA provided that you hold an ISA with them is provided by the Halifax).

If not, then the cash will be held in bare trust for your child - who is the trustee, you or grandfather?

In view of the long time period, grandfather may prefer to consider a stock market based investment held in bare trust - see post 5 for example. There are others, Baillie Gifford for example.

http://www.bailliegifford.com/individual-investor/how-to-invest/investing-for-children.aspx

Otherwise see post 2?

Thank you I will have a look into jisas do you have to have your own with all banks or is it just Halifax that request this? I really appreciate your help as I really do have non idea. X