Savings for Children

Southside_21

Need some advice for saving account I have for my kids. So my kids (16&15yrs) both have regular saving account into which my parents - their Grandparents have been saving money for them. Now this is with an account with one of the High Street banks which is paying poor interest rates. I was hoping some to do something with this money, either move it to another back offering a better rate or something else where I could get a better return? I was hoping somebody on this site can advise me what options I have to invest this money into?

Thanks

xylophone

Do they have CTF?

It might be possible to use this

https://www.skintedmintedmum.co.uk/minted-blog/how-to-transfer-a-child-trust-fund-ctf-to-jisa-with-a-double-scoop-of-tax-allowance.html

Transfer the savings into CTF, proceed as above, continue to contribute to JISA.

Coventry BS is offering the best rate for JISA.

Other child savings here

https://www.thisismoney.co.uk/money/saving/article-1583863/Best-savings-rates-Junior-Isas-children-s-accounts.html

Southside_21

Thanks @xylophone

My issue is I guess the amount I need to invest - approx 15K
I was hoping to invest this into 1 pot as opposed to splitting it all up in various accounts.

xylophone

approx 15K

Between both children?

Do they each have a CTF?

Is there room in each CTF to make a subscription for this CTF year?

If so, do so, transfer to JISA (as in link above)and put in the balance.

https://www.gov.uk/child-trust-funds

Southside_21

Between both children?

that figure is for each.

Do they each have a CTF?

I think they do have a CTF but no money has been put in since it was opened - we got the £250 odd when they both were born

xylophone

I think they do have a CTF but no money has been put in since it was opened - we got the £250 odd when they both were born

See first link in post above - by following the steps given, potential for full subscription to CTF in the CTF year, transfer to JISA, full sub to JISA in this tax year and full sub in next would take care of over £12000 for each child - hold balance in best available rate account and transfer into JISA in tax year 20/21.