Need advice for child savings

Robbie1988

Good morning all,

I am looking at opening a savings account for my 2 and a half year old son. I just ain’t sure what would be best a savings account or an isa.
He has about £700-£800 saved up I just need to find the best option for his money.

Any help please

kwame41

Have a look on here:-


https://www.moneysavingexpert.com/savings/child-savings-tax-free/


Lots of options and you can 'drip feed' ther lump sum he has.

xylophone

The Coventry Junior ISA is currently paying 3.6%.

https://www.coventrybuildingsociety.co.uk/consumer/product/savings/children/junior-cash-isa.html

Alexland

At that age I would consider investing with a S&S Junior ISA from Orbis (actively managed, no fees on first 12 months of contributions until 18) or Vanguard (mostly passive, invested in a target date 2035 fund). The money would go up and down over the years, belong to the child and they would be able to control at age 16 and access at age 18.

https://www.orbis.com/uk/individual/isas/junior-stocks-shares-isa

https://www.orbis.com/uk/individual/funds/global-balanced-fund

Or

https://www.vanguardinvestor.co.uk/investing-explained/stocks-shares-junior-isa

https://www.vanguardinvestor.co.uk/investments/vanguard-target-retirement-2035-fund-accumulation-shares/overview

(Don't worry about Vanguard's use of the word 'retirement' it just means the risk will be profiled down over time to be suitable for withdrawal in 2035)

Alex