Child Savings

tubaboya

Hi, My children have family who live far away. At Christmas and birthdays they normally send money for the kids and I would like to start saving this for them.
I don't have much knowledge of savings accounts and stuff and I am getting very confused by information on the internet. What I think I am looking for is an equivalent to the old Child Trust Fund but cannot find anything similar.

This is what I am looking for if anyone can point me in the right direction
- no access until 18 (or parental control but doesn't count as my personal savings)
- no monthly payments (money will just be going in mostly just twice a year, anywhere between £20 and £80 normally)

Is there anything that has those features?

Thanks

pplchamp

Junior ISAs has effectively replaced Child Trust Funds and may suit your requirements.

tubaboya

I thought you had to pay in a minimum amount every month for a junior ISA?

r_holmes22

tubaboya wrote: »

I thought you had to pay in a minimum amount every month for a junior ISA?

Nope. Have you read that somewhere? See the list of important facts on Martin Lewis's own page at http://www.moneysavingexpert.com/savings/junior-isa

tubaboya

yeah, the pages I looked at for setting up a junior ISA all had things like "Save regularly from £25 per month" and "invest from £50 per month". I just assumed they would all be like that. I should never just assume anything.
I've read that guide and looked into it a bit more and looks like it is what I am looking for. I think I'll set up the nationwide one for them.

xylophone

How old are your children?

tubaboya

1yo, 2yo and 3yo . I also have a 12yo but he has a child trust fund

xylophone

It should be possible to switch the CTF to the more flexible JISA at some point after 6 April if this would give better options.

https://www.gov.uk/junior-individual-savings-accounts/overview

If you happen to have (or are prepared to open) an ISA with Halifax, they offer 4% on the JISA.

http://www.halifax.co.uk/isas/cash-isas/