Child's future savings...

lvbdell

Hi, I'm looking for some advice on which savings account is best for my 8 yr old son.
I've told my ex partner/my son's father that I don't want the agreed maintenance to be paid to myself, but I want it to be paid into a savings account for my son. I want it to be available to my son at 18 or preferably when he's 21. It must be an account that cant be dipped into or touched by his father. And he must be able to show me proof once every 3/6 mths that he has done so through a statement. What account would be best for this and with which bank. Thanks in advance for any help 😊

AnotherJoe

A junior isa. Does involve investments but over that time period should produce better returns. Or maybe if yiu are nervous about that half in a JISA and half in a children's saving account. 

cloud_dog

lvbdell said:

Hi, I'm looking for some advice on which savings account is best for my 8 yr old son.
I've told my ex partner/my son's father that I don't want the agreed maintenance to be paid to myself, but I want it to be paid into a savings account for my son. I want it to be available to my son at 18 or preferably when he's 21. It must be an account that cant be dipped into or touched by his father. And he must be able to show me proof once every 3/6 mths that he has done so through a statement. What account would be best for this and with which bank. Thanks in advance for any help 😊

How much are we talking about per year?

The only reason I ask is that there is a JISA contribution limit per year.  Also, if it is paid in to a standard savings account might there be issues around the £100 interest tax considerations?  I know this aspect breaks your rule regarding not allowing access to the monies by the father but, it may be a consideration. 

xylophone

https://www.gov.uk/junior-individual-savings-accounts
Only the child will be able to access  at age 18. 
At the moment, NS&I are paying the best rate on cash JISA.

eskbanker

lvbdell said:

It must be an account that cant be dipped into or touched by his father. And he must be able to show me proof once every 3/6 mths that he has done so through a statement.

Given the trust issues at play, why don't you stick to the default option of the maintenance being paid to you and then you open and manage one or more accounts for your son?  If you already have enough income not to have to use this money for its intended purpose then you're presumably not concerned about it potentially affecting benefits eligibility or something like that, but if you don't want the money coming via you then another option would be for you to control the account(s) and have ex paying in directly, rather than having to rely on him forwarding statements....

Gary1984

Why wait until 18/21 before the money can be used? Many children will need support before 21 e.g. Going to university, buying a house, getting married or having their own children etc,.

Also would it be better to have control yourself?Young men suddenly in possession of thousands of pounds may not make the best decisions with their new found wealth!

I'd invest into a Stocks and Shares ISA in your own name. 

Malthusian

Mike_Dicken said:

I think that money should not just be on the account, it should be invested safely. Have you heard anything about structured deposits? I recommend to study this topic

Structured deposits haven't been good value since LMFAO were in the charts. And the OP wants to invest regular maintenance payments, for which they'd have to pick a new structured deposit issue for every single payment, which is far too complicated.

Stocks and shares ISA in the OP's own name is the option that best meets their requirements (given their desire to retain control of the money even when the son is an adult).

justme111

It looks like op wants something with least potential for mistrust and she specifically does  not want to deal with this money - most likely due to wanting the father not to worry this lonely would go on her acrylic nails etc so either of them having account in their names does not  meet the requirement - it looks quite clear to me. If it is less than £4000/year then JISA indeed . I have been asking about anything that retains control till later than 18 and I could not find it  so you may have to either rely on your  son being sensible  with money or forgo the requirement that it is in his name ..
Keeping an eye on that account would be easy - you both can have internet access to it and see what happens anytime but it would not the person in who's name it is using that money ..