Savings for my granddaughter

airportgirl

I have been saving £20 a month since my granddaughter was born and now have £1000 sitting in a savings account in my name earning 0.1% interest.
I need to find somewhere to put this money to get a better return. She already has a jisa which another family member opened so that is not an option.

I remember my grandparents having children's savings bonds for me and my brothers which we could not access until we were 18. Are these still available or is there a better option? I do not want her to have easy access to the money before she is 18.
I have now opened a Halifax Children's Regular Saver account for her so future savings will be at better rate.

enjoyyourshoes

Halifax do a childrens ISA and savings account (not the RS) I think 4%


Could do a SIPP (self investing personal pension, get tax relief) and they can access it once they reach 55 !!


Could do a Santander 123 mini in trust so you can keep an eye on it, 3%, don't forget to do R85 (do it online when you open account)

xylophone

Is the JISA fully funded? If not the money could go there.

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

Otherwise, there is the Nationwide Smart Limited Access or the Santander 123 mini in trust.

airportgirl

The JISA is not fully funded but I don't want to put money into it because my son in law has control of it and I don't want him accessing it.
I will look into the accounts suggested.
Thank you.

xylophone

I don't want him accessing it.

Your son-in-law cannot access the money in the JISA.

Read the link above for information.

airportgirl

I have just read the link and I can see that now. Must have missed that before.

I will check what interest rate is on her JISA and compare it with the other accounts mentioned.
Thank you for your help. I am new to all this and really don't understand finances very well.

Purplesky_2

http://www.nsandi.com/childrens-bonds

For reference. Me and my brothers had a bunch. I used mine for seeing me over a sick period right after uni/before my first job and then for buying a house. They can be very useful.