Saving for grandchild

bertiewhite

xylophone wrote: »

If the parents were to open a JISA for the child, you could contribute your £20 a month.

I want to avoid involving the parents - to say they're quite irresponsible with money is an understatement.

Thanks for your replies everyone, it's given me some pointers.

MyOnlyPost

bertiewhite wrote: »

I want to avoid involving the parents - to say they're quite irresponsible with money is an understatement.

Thanks for your replies everyone, it's given me some pointers.

Once money goes in a JISA it is the legal property of the named child and cannot be withdrawn at all until the child is 18 so no need to fear.

xylophone

I want to avoid involving the parents - to say they're quite irresponsible with money is an understatement.

The JISA belongs to the child absolutely and the money can only be accessed (except in tragic circumstances) by the child himself at the age of 18. See link in post above.

Dird

I've got LifeStrategy 100 in my ISA set up for my nephew, £50 per birthday on the assumption he goes to and graduates from uni (has to be a real degree though). If he doesn't go to uni or studies something like art/history then I'll just give him the £50s net of gains

ChopperST

MyOnlyPost wrote: »

An S&S ISA will probably give greater returns over 17 years but carries some risk to capital. You may also need a minimum contribution of £25 pcm

You can get around that with CSD by keeping the funds in cash then making £100 orders at a time. You can also set up a monthly investment plan of £50 and then immediately cancel for smaller amounts.

pip895

With a 17 year time horizon surly Equity would always be a far better option than cash?
I too have opted for Vanguard LifeStrategy 100. I also think having it invested might make it look just that little bit less like a bank account that can be dipped into, once they have access to it at age 18.

BLB53

Once money goes in a JISA it is the legal property of the named child and cannot be withdrawn at all until the child is 18 so no need to fear.

The junior ISA can only be opened by the parent so the money may never reach the account.

xylophone

The junior ISA can only be opened by the parent so the money may never reach the account.

Provided that the grandparent was satisfied that the account had been opened for the child, he could make FPs to the account or set up a regular SO.

bowlesbargain

redmalc wrote: »

I opened a S&S isa for mine and went into aggressive funds given the time schedule.
Thats me, but you may wish to go into more conservative funds

I have just put £100 into the above income fund for my grandson but would like to put some in a aggressive fund what would you suggest