Best Saving for Child's Future

NiallJC1984

Good afternoon all,

I'm looking for some advice. As a new father, I'd like to save for the future by putting some money away each month. However, I'm not sure of the best savings accounts out there for children?

Appreciate any advice before I go trawling through Google results!

Thanks,

eskbanker

No need to go to Google, there is plenty of info on this very site at http://www.moneysavingexpert.com/savings/child-savings-tax-free, which also cross-refers to info about junior ISAs (likely to be the best option, especially if investment is used for the long term duration) at http://www.moneysavingexpert.com/savings/junior-isa

xylophone

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

Alexland

It really depends what life events you are saving for and your tollerence to risk? I am planning to help my 18 month old son with driving lessons from my income, university from his S&S JISA, house deposit and wedding help from my S&S LISA and maybe in a few years put some advance inheritance into an invested SIPP or stakeholder pension.

NiallJC1984

Thanks for the replies,

At this point I'd just be happy to be able to save regularly (fixed amount per month) into a suitable account that will slowly grow over time. He's only 9 months but kicking myself I didn't start right away! Plenty time yet I suppose

I will do some research into the Junior ISA options.

Flobberchops

Congratulations, have you managed to remove the permanent bags from under your eyes yet?

If you're sticking to cash the Halifax Kid's Regular Saver is hard to beat at 4%. The same bank also does a Junior ISA paying a respectable 3% (I think).

A Junior Stocks and Shares ISA is almost certainly a better long term choice, but you'll have to make your own decisions on that score.

fiisch

Congrats on becoming a father.

My daughter was born in February and I opened the Halifax JISA at 4%. We pay a fixed amount in each month (annual limit of £4,000), with no access until she's 18.

Of course, this is attractive at current interest rates, but no guarantee Halifax will increase the interest in line with base right hikes.....

louloubelle79

Also check Kidstart and Quidco as some JISA providers giving a lot of cash back if click through the cash back site. I recently opened a JISA through Quidco link. Referral links in referral section if needed or I can supply mine ��

NiallJC1984

Brilliant, thanks all!

cloud_dog

One question you need to consider and be comfortable with when saving for a child....

Money saved in a bare trust or JISA belongs to the child.

You need to consider how much money may be available come 18 years of age and are you comfortable with the child having immediate access to the money?

EDIT: Bare trust is the type of savings or investment account that tends to be opened by parents etc for children.

Flobberchops

fiisch wrote: »

Of course, this is attractive at current interest rates, but no guarantee Halifax will increase the interest in line with base right hikes.....

If they stop being competitive, simply transfer the ISA to another provider. The rule against making withdrawals doesn't prevent you transferring-out