Savings for my daughter

Coffeekup

Hi all i could do with some help/advice on saving for my daughter over the next 10 years.
Maja (my youngest) has a CTF already which we dump money in by saving numerous ways, i.e. saving 1/2/5p's, birthday money from family members etc.
I am now looking at opening a Halifax regular savings account for her where £100 a month will go in, over the next 9-10 years so when she turns 18 she can pay for a newish car, first year's or so uni or a deposit for a house.

The advice i could do with is Maja is 8 in a few months and on the Autistic spectrum. She doesn't talk and if I'm realistic she will never really get a grasp on day to day life things we take for granted i.e. signing your name, crossing the road etc. So regarding opening other saving's for her leaves me with a couple of questions....

• How does it work if she has an account with money in it and in 10 years time, and say we decide to pay for a uni course for her (from her savings), but she cant talk or sign her name how would she get the money?
• Is an account like the Halifax regular saver a sound choice for her or should i save the money in an account under my name? I'm aware the interest rates wont be the same.
• Is there a better choice way to go for me to save cash for her?

I just need a little guidance on what would be the best way to put something away for her.

Dan83

I'm sure banks come across this kind of issue a lot more often then you think. Have you had a look on the banks website or maybe pop into a branch for s chat. It's best to get it right now then have problems later.

xylophone

The CTF can now be transferred to the more flexible JISA.

http://www.moneysavingexpert.com/savings/junior-isa

Up to £4080 per tax year can be deposited in CTF/JISA.

If parents make gifts to their child outside tax privileged accounts like CTF/JISA, they need to have regard to the £100 rule.

http://moneyfacts.co.uk/guides/savings/savings-accounts-for-children050412/

With regard to your child's condition, you should check with the savings providers concerning their rules/requirements in these circumstances.

https://www.mencap.org.uk/sites/default/files/documents/cyp_policy_brief_banking.pdf would also be worth a look.

Coffeekup

OK thx for the replies this is what i thought,. I'll pop in branch and do some investigating.