1st grandchild where to save

chili1496

Ok as above become a grand daddy and looking to put some money away for the little one, weekly monthly or whatever. Having never done this before what should i be looking for ie type of account, interest etc.
any and all greatly appreciated
thanks for looking

MallyGirl

I would opt for S&S - in a JISA. You can't open this but once the parents do you can contribute to it.

GreyName2

I advise you to pay attention to the mortgage market and the stock market. There are a couple of very attractive companies.

xylophone

The child's parents can open a JISA for him and you can contribute.

https://www.gov.uk/junior-individual-savings-accounts

https://moneytothemasses.com/quick-savings/parents/best-junior-stocks-and-shares-isa

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

https://monevator.com/vanguard-lifestrategy/

Alexland

GreyName2 wrote: »

I advise you to pay attention to the mortgage market and the stock market. There are a couple of very attractive companies.

This post appears to be nonsense - how would you propose a grandparent invests in the mortgage market? As the others have said a S&S Junior ISA (once setup by the parents) would be suitable however the money is theirs to control at 16 and withdraw at 18.

If you can go up to to either a £500 lump sum or £100 per month then consider Vanguard Investor with a target date Vanguard Target Retirement 2035 or 2040 fund which will automatically reduce risk as age 18 approaches.

Otherwise for smaller amounts you could go with Hargreaves Lansdown (from £25 per month) or Cavendish (from £50 per month) but they have slightly higher platform fees. Again you could invest in the VTR fund.

Alex