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Savings account for Grandchildren
evergreen
Posts: 396 Forumite
Can I put money in some sort of savings account for each of my grandchildren that they can't access until they are 18?
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Comments
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Do your grandchildren have CTF/JISA?
You could contribute.
See https://uk.virginmoney.com/virgin/savings/learn/childrens-accounts/
and note under 16th birthday.0 -
If you want to put a lump sum in then you can go with the instant access accounts, depending on how much you have will determine the best account. Santander and HSBC are best for lower amounts and Halifax/Lloyds/Bank of Scotland best for higher amounts.
Or if you want to put a regular amount in then go with the regular savers, with Halifax being the best at 4.5%.Save £12k in 2020 = £4,074.62/£15,000 (27.2%) #89
Save £12k in 2019 = £13,580.52/£15,000 (90.5%) #92
Save £12k in 2018 = £17,189.12/£15,000 (115%) #360 -
Assuming they are young you should also have a think about investments as an alternative to savings accounts. Over the long term (which this is) they ought to out perform a savings account.0
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Please please please don’t “save” for your grandkids, invest for them!0
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