Advice needed re savings for 9 year old

Spendaholic_Chick

I hope someone can help (or point me in the right direction) to find the best way tsave for my 9 year old son. He has almost £1,000 in a Northern Rock savings account, but as I'm in debt myself I hav no cue where to actually start with savings for him, and want to get the best deal for him.

I think I'd be happier with just a savings account, rather than any sort of plan, but am opn to suggestions. Any advice greatly received - thanks in advance

baby_boomer

Best by a country mile is the Chorley BS Foxley Fund @ 6.85% which will take up to £1200 in any one tax year and so suits your purpose.

The reason this is so good is that Chorley aim to mirror their Child Trust Fund Account, for which your son is too old, thank you Gordon , but the competition at the moment is in the CTF market rather than ordinary children's accounts so it's a great idea to latch onto something that is CTF related - especially if it pays about 0.65% more than anything else available .

The drawback, or is that an advantage?, is that it has to be held by an adult, with no withdrawals, until the child is 18 (again, mirroring the CTF rules).

Good luck with your choice
It's a pretty good time to educate your son financially via your choice of account as interest rates are currently well ahead of inflation, especially as he doesn't pay tax - so saving can be "kool". [Don't forget to fill out an R85 form for the new account so that the interest comes tax free . ]

Spendaholic_Chick

Thanks for that, but I forgot to say I don't want it tied up until he's 18, I want him to be able to draw some out if andwhe he wants to (big items only, not everyday stuff)