savings account for children (money for when they're an adult

spaceboy

My oldest daughter is 9. She has a Child Trust Fund but the interest rate is poor. Is there another account I could open to use instead that will be better?

eskbanker

Convert it to a junior ISA, see https://www.moneysavingexpert.com/savings/junior-isa/ for further details....

Robisere

I also recommend Junior ISA's, very highly.



We gave each of our 4 grandchildren a Junior ISA about 9 years ago, ages now 13 to 24. As each of the eldest reached 18, they were able to open a bank account with a decent sum to deposit. The 24 yo began work at 18 for a local IT company and it financed further studies. He is now No.2 to the boss with a very good salary, his own executive flat in a gated enclosure. Not bad for an Asperger's sufferer!


His 22 yo cousin is about to take up a banking post: she began as a chef, still has all the chef's equipment the account paid for. And is a marvellous cook, wish she would visit more often!


Her 20 yo brother has completed training as an Electrical Installer: The money we gave helped him study at a local college: he is severely dyslexic.



The 24 yo's sister is at Grammar school in the top 5 percentile, with nothing less than A's and A* results. First to attend grammar in the family, probably first to attend Uni. She will benefit more, having earned interest over a longer period.


One of those times when money brings blessings.

18cc

https://www.thisismoney.co.uk/money/podcast/article-6471337/How-invest-save-children-Money-podcast.html