Saving for university etc

Ellie2380

Hi, my son is now 11 and I would like to start contributing towards some funds for potentially university/house deposit etc.

He does have a child savings bond, am I best to add to this, or is there something else better to add to?

I guess I would like to contribute on a monthly basis and encourage him to as well when there is birthday money etc.

xylophone

child savings bond,

Do you mean a CTF?

GwylimT

It depends what interest rates you can get.

When I saved for my son I put away a certain amount each month including his child benefit and a proportion of any birthday money. At the time I had an ISA with a very good interest rate, well my son did, I could only pay in twice a year, what I would do is keep the cash in a child savings account, I would then transfer to the ISA along with the interest every twelve months. It started with a £5k payment.

We have done the same with our younger two, minus the starting investment, interest rates aren't as good though.

jimjames

If its for 7 years and potentially much longer then it may be worth putting at least a portion of it in investments not savings as you should get a better return. It's less clear cut than if you'd started at birth as you would have already have had 11 years investment by now so the remaining time is lower than it would have been.

atush

I used investment trust savings plans for this.