Saving Account For Our Newborn

HER

We have recently had our first child. Could someone recommend a saving account? We are likely to put the child benefit we receive into this and all the monies she has and will receive for birthdays etc in this.

Thanks

xylophone

With so long a time frame, consider a stocks and shares JISA provided that you are happy to accept that the child may control the account at 16 and access it at 18.

You could hedge your bets and use half the allowance in stocks and shares and half in cash.

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

http://www.thisismoney.co.uk/money/investing/article-1587994/Junior-Isa-Child-Trust-Fund-How-save-invest-children.html

jimjames

As per xylophone I wouldn't suggest a savings account for such a long period, shares should do far better over that timescale.

mrssjs

Halifax do a regular saver for 1 year you can pay in max £100 per month offers 6% interest

TheTracker

More like an Adult Benefit than a Child Benefit?

I would consider donating it to charity if you don't want to spend it on the child.

Eco_Miser

Note that no-one can get at any money put into a JISA until the child is 18, so it's not suitable for money you might want to spend on her while she is a child.