Savings account for child’s future

Vicki127

I want to start saving now for my children incase they decide hey want to go to university I will have some money set aside for it.

What’s the best savings account for this I don’t want to be able to have easy access to it so I’m not tempted by it.
They already have a regular saver I pay in per month but this has cash withdrawals whenever I want.

xylophone

Does each child have a CTF/JISA?

Vicki127

Neither they just have regular savers

xylophone

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

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

MallyGirl

JISA is probably best then - the money is locked in till they are 18

jimjames

Vicki127 wrote: »

Neither they just have regular savers

Depending on their ages you should also look at options other than cash. Over the long term investments should give a much better return

atush

I would invest rather than save for univweaity.

I did for my 3 who have all graduated with zero debt, and all 3 have cash savings in the bank (and pensions).

Vicki127

His dad has an isa for him we are seperated so I won’t be able to open another one will I?

atush

Yes, if he just opened on the one year and didnt put further money in other years. Yes, if he is putting in less than the max, you can contribute too. There is an annual limit.

Reaper

Not quite. Your child is allowed one cash Junior ISA and one stocks and shares Junior ISA at any one time.

As long as you do not exceed the annual limit you can contribute to either one.

Vicki127

Invest how? Sorry I have no idea :rotfl: