Saving for my Son

Raver2k7

My gran left some inheritance for my 8yr old son, and i would like to open a savings account with it and add to it for him , but not let him at it til he is 18. Does anyone know where the best bank/building society would be for this?

Speculator

Try the Nationwide Smart account. It's guaranteed to pay 0.25 above base rate until 01/01/2010.

more info here..http://www.moneyfacts.co.uk/savings/bestbuys/childrens-savings-accounts.aspx

http://www.nationwide.co.uk/pdf/savings/P5901_SmartAccount.pdf

Murphy_The_Cat

Have you considered investing in S&S's for him instead ? You would do them in your name, but designate them for him - the difference over 10 years could be very considerable.

Raver2k7

Murphy_The_Cat wrote: »

Have you considered investing in S&S's for him instead ? You would do them in your name, but designate them for him - the difference over 10 years could be very considerable.

Whats S&S? srry im blonde!! LOL :rotfl:

McSaver

Raver2k7 wrote: »

Whats S&S? srry im blonde!! LOL :rotfl:

S&S = Stocks & Shares

Murphy_The_Cat

Raver2k7 wrote: »

Whats S&S? srry im blonde!! LOL :rotfl:

Sorry, I should have explained better - Stocks and Shares / Stock Market.

Historically, the Stock Market always (if I'm wrong, could someone please correct me) out performs banks/building societies for LONG TERM Investments.
You may be able to make a big difference to the money that your son gets in 10 years time.

Raver2k7

I was thinking of buying some childrens bonds?