Junior savings help

Sushinha

Hi there,

I am looking for a Junior Savings account... or the best thing for my situation.

I became recently a mom and I am looking to start saving money for my child's future.
The problem is that... I have no idea if I am going to remain in UK for 16/18 years. We (me and my partner) are European citizens (Portugal and Italy), therefore we don't know if we will go back to our countries, it can be in 1 year, 5 years... or never, but we do not know.

I wanted a good savings account which I can access (I know there are some accounts only the child can access once s/he is 16/18 - not interested in those).

If we have to access in case of an emergency, without losing so many interests... and so on.

I know there is no perfect savings account, but I wonder if there is any that would fit my situation.

Plus, we am not going to put more than 10k per year on his account... maybe 1k if we are lucky..

Thank you in advance

xylophone

If you give money to your child, then it becomes your child's money.

If the interest on money given by a parent to his/her own child amounts to more than £100 a year (outside tax privileged accounts like JISA), it will be taxed at the parent's highest marginal rate.

You and your husband might each prefer to open a stocks and shares ISA in your own name and save regularly into that.

You would then be able to benefit your child as and when you chose.

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