Childs Inheritence Saving

Mojisola

Dean123 wrote: »

So should I open current accounts in their names, transfer the money to it, then invest in the Junior ISA's from there?

It has to go into an account that they can't access so a current account won't work.

I don't know enough about children's savings to suggest which ones are best. I hope more knowledgeable people will be along to offer advice.

You could also post on here - http://forums.moneysavingexpert.com/forumdisplay.php?f=217 - other people will have been in your situation and will share what they have done.

xylophone

https://www.gov.uk/child-trust-funds/overview


Does the younger one have a CTF?

If so, see https://forums.moneysavingexpert.com/discussion/comment/70479762#Comment_70479762

It would be possible to make the maximum subscription into the CTF, close into JISA, make maximum subscription into JISA in this tax year and then the maximum subscription on 6 April.

You can open a JISA for the older one now and contribute the full amount and then again on 6 April.

You can open a child saver for each child and hold the money in trust for each, moving the money over to JISA as and when.

http://uk.virginmoney.com/virgin/savings/learn/childrens-accounts/

and read the information re 16th birthday.

http://www.thisismoney.co.uk/money/saving/article-1583863/Best-savings-rates-Junior-Isas-children-s-accounts.html


https://www.coventrybuildingsociety.co.uk/consumer/help/savings/isas/junior-isa.html

Dean123

Thank you very much to all, everything is much clearer, youngest was born in August 2002 so no CTF!

MallyGirl

Jisa limits are quite low so you are going to have to take a multi account approach to get the best interest for them on their money.

You can put in:
16/17 £4080
17/18 £4128

so you still need to find a decent home for the other £12k.
you can put £100 pcm into a 4% Halifax kids regular saver.
you can get 2% on Halifax young saver with the balance.
There are a few accounts with slightly better interest but, with your kids ages, many will insist that the child is involved in account opening which means you can't keep the money secret (no idea if you were trying to)

silvermum

Have a look at the Nationwide Smart Limited Access account for children. Currently paying 2.25% and you can keep up to £50,000 in there until they are 18...