Best child saving accounts?

Amanda_Cm · 22 February 2018 at 8:05PM

So I would like to save some money for my child. Share some experience and ideas please? What account should I open?

Alexland · 22 February 2018 at 8:16PM

Knowing the age, value, access requirements, purpose and volatility tollerence would help.

Amanda_Cm · 22 February 2018 at 8:35PM

She is just few months old. I have some let's say 5000 I want to put aside for her.
And maybe around 50-100 a month.
Sometimes more as we have relatives who will send her money for Christmas, birthdays etc.
Want to save it maybe for education. I would like me and my partner to have access only together. I may sound stupid but don't understand all this volatility tollerence.

jimjames · 22 February 2018 at 9:06PM

At that age I certainly wouldn't use a savings account but invest it so it has a chance to grow more than inflation. A junior ISA is one option or you can keep it in your own stocks and shares ISA so it's under your control when they get the money

Have a read on https://www.monevator.com for more info

Zorillo · 22 February 2018 at 9:07PM

Do you think you might have others, will they all get £5k to start?

She doesn't need it now, you could wait and see.

Putting it in her name will mean it's hers when she turns e.g. 16 or 18, so it might not go on education despite your wishes.

Or you could do what I've done and invest a similar amount of money (divided by two babies) into a Junior stocks and shares which will hopefully grow better than cash savings over the 18 years it will be invested.