Grandchild Savings.

ajk22

We are looking to set up a savings account for our first grandson Could anyone recommend a savings account where we can deposit monthly, managed via the internet,one that doesn’t reacquire us to constantly swap and change to get the a reasonable rate of interest. in addition please suggest options of both non withdrawal and withdrawal

Thank you to anyone who replies

Archi_Bald

Please read http://www.moneysavingexpert.com/savings/child-savings-tax-free

Purplesky_2

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

It's an option. It may not be right for you. But the money is in their name, and it's a great tool for learning about compound interest over time. (That's what my Mum did).
I had about 6 in a variety of sizes. It paid a large part of my house deposit.

jimjames

ajk22 wrote: »

We are looking to set up a savings account for our first grandson Could anyone recommend a savings account where we can deposit monthly, managed via the internet,one that doesn’t reacquire us to constantly swap and change to get the a reasonable rate of interest. in addition please suggest options of both non withdrawal and withdrawal

Thank you to anyone who replies

Depending on their age putting the money in cash savings may not be the best option.

Investment trust savings schemes allow monthly payments in and you don't need to worry about chasing the best rates.

enjoyyourshoes

Options:-


S & S SIPP (self investing personal pension) get tax relief on contributions, can add upto £40 K pa (if you are tat generous, flush & inclined)


As above Investment Trusts (S&S with Junior ISA wrapper)


Regular saver (for 1 year) (6% don't forget to fill in R38 for tax exempt interest) with Halifax,


Santander in trust 123 mini (3%) upto £2K balance

Biggles

jimjames wrote: »

Depending on their age putting the money in cash savings may not be the best option.

Investment trust savings schemes allow monthly payments in and you don't need to worry about chasing the best rates.

Absolutely. Cash savings is a waste of time if you're looking up to 18 years into the future. It really ought to be equities which, as JJ says, gets rid of the problem of dropping interest rates.

My oldest is just three and her investment trust share price (I chose the Global Smaller Companies IT) has almost doubled already. Be nice if it kept going at that rate for the next 15 years!