Child saving account

truebluemummy

Happy New Year to you all.

I am looking for a child's saving account, my son who is 8 has had a bank account since he was born and we have been putting Christmas/birthday money into, but doesn't seem to be making money. Can anyone advise what is the best account, or ISA/Trust fund to put money into, he wouldn't be able to access this until he is 18 of which he is aware of already.

Thank you for your help in advance.

Ciprico

You could consider National Savings JISA - 3.25%....

https://www.nsandi.com/transfer-jisa

jaybeetoo

If he is 8 I assume he won’t need it for another 10 years? If so, you could consider investing some of it.

xylophone

There is the Coventry JISA at 3.6%.

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

Or maybe a stocks and shares JISA?

Example

https://www.vanguardinvestor.co.uk/investing-explained/stocks-shares-junior-isa?cmpgn=PS0517UKPABJI0002&gclid=EAIaIQobChMIt9Ogz8_q5gIVmpntCh3LVgZBEAAYASAAEgLFBfD_BwE&gclsrc=aw.ds

https://monevator.com/using-vanguard-lifestrategy-funds-life/

Or both....See

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

ElizabethAllen

Hi - I am new to the forums. I have question about saving for children. My children have bank accounts and their grandparents want to gift to add to their savings. Someone mentioned offspringsavings.com as an option.

Does anybody know anything about them or have experience?

Thanks
Liz

girllikeme1

Not financial advice just what I do for my children of a similar age.

Coventry Cash JISA 3.6% as others have said.

Halifax Kids' Monthly Saver 4.5% per month for payments of £10 up to £100 per month.

Nationwide Kids' Future Saver 3% if you have a Nationwide Current Account yourself or 2% otherwise. 1 withdrawal per year.

Also consider a Junior Stocks & Shares ISA such as Vanguard Investor, as investing longer term could reap rewards (or you could lose, but investments have risen over time).