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best bank account to save for my kids

2 replies 63 views

Hi guys,

As the title says I'm looking for the best bank account to save some money for my kids, also happy enough if it was locked away until their 18th.

This time last year I opened a nationwide future saver for them and at the time I think it was 3% interest which is now down to 1% but looking a better rate, from what I can see on the site there is the Halifax regular saver at 4% for the first year then it reduces or there's the NS&I ISA at 3.25% are these my best options for a regular saver and an ISA or should I be holding off to see if the interests rates pick up.

At present I have about £5000 and £4000 for them in the 2 separate accounts.

Replies

  • edited 12 July at 7:39AM
    george4064george4064 Forumite
    1.8K posts
    Ninth Anniversary 1,000 Posts Photogenic Name Dropper
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    edited 12 July at 7:39AM
    I would just crack on and open the accounts, remember interest rates could just as easily fall further than rise in the future. So it’s a risky game to wait it out in hope for better rates in the near future.

    If you haven’t already, make sure you check out the Children’s Savings Guide here: https://www.moneysavingexpert.com/savings/child-savings-tax-free/
    "If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett

    Save £12k in 2018 - #004 £9,166 (76%)
    Save £12k in 2019 - #007 £11,720 (98%)
    Save £12k in 2020 - #021 £11,318 (75%)
  • soupy600soupy600 Forumite
    131 posts
    100 Posts Second Anniversary Name Dropper
    Thanks will have another read over it
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