Children's savings account, ideas??

Twiglet21

Hi everyone. I'm looking to set up a savings account for my little boy (1yr). Any thoughts on good choices or accounts that give most back? There's so many out there it becomes baffling!

PeacefulWaters

How much are you saving? How often / how much are you adding to it? When do you want him to be able to use the money?

Rate wise Halifax will win with their 6% Kids a Regular Saver, 4% Junior Cash ISA and 3% Young Saver.

But if you're thinking it's going to be 17 years before he can touch it, perhaps investigate low charge stocks and shares Junior Cash ISA options.

jimjames

Personally I've used investment trust savings plans from Aberdeen and f&c as cash isn't a great idea over such long timescale.

xylophone

Do you want your child to have access to the money at the age of 18?

See here re JISA https://www.gov.uk/junior-individual-savings-accounts/overview

Money held in your child's own name in bare trust is legally accessible by the child at age 18 (16 in Scotland).

If you are giving money to your child outside tax privileged accounts like JISA be aware of the "£100 rule".

https://forums.moneysavingexpert.com/discussion/comment/66155739#Comment_66155739