Advice on saving options for children

BebopGremlin

Hello all,

My brother is about to become a father and I'm trying to think of gift ideas, but since I'm still a university student and everybody already bought all the baby things I thought I would put some money away for his children's future. It wouldn't be a lump sum, but rather something I can pay a small amount into every month for the foreseeable future. Somewhere in the range of £60-100 per month to split between his twin girls, finances permitting.

Does anyone have any advice on what my options would be? Am I technically allowed to set up accounts with the intention of the money going to my brother's kids? Savings account? Junior ISA? Etc.

Any help will do.

Thanks!

enjoyyourshoes

PiP cant get money out till 55 ten its currently 25% tax free, also government will give them tax relief on contributions upto £40K pa.


Santander 123 mini in trust 3% upto £3K


JISA, buy investment trusts including stocks, bonds, commodities etc. Risk as investments not savings

xylophone

If your brother/ his wife sets up a JISA for each of your nieces, you can contribute.

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

jimjames

I'd certainly be looking at investment options not savings for kids that young as cash will lose it's buying power over that sort of timescale.

atush

I agree, i'd be investing in equities for babies. Either in a Jisa Parents have to do this), or in an investment trust savings plan (you could do this).

Look at F&C, Witan, etc.