Saving options for a friend's child.

minimalising

Hi, MSEF.   I know this has likely been discussed here before but I'm struggling to find good info on the topic and with the world being as wacky as it is right now, I could use the most up to date info.
My best mate died earlier this year and his fiancé was three months pregnant at the time.  The baby was born last month.  I'd like to put some money away (a few hundred quid and then add to it over the years) for her but I'm not sure what's the best option.  Obviously I get on well with the fiancé but we're not super close so there's a bit of awkwardness there too.  In so far as it's a bit odd when people try to give you money etc.  I don't want it to be too complicated.

I did consider buying some premium bonds but they don't really do much unless you've got loads of them.  Are there other things you can set up for a child?  Junior ISAs sound good but that's probably not something a friend of the family can set up I guess?

xylophone

The parent can set up the JISA and you can contribute - the child (not the parent) will be able to access it at the age of 18.
https://www.gov.uk/junior-individual-savings-accounts

https://moneytothemasses.com/quick-savings/parents/best-junior-stocks-and-shares-isa
Fidelity has been given a favourable mention for a stocks and shares option.

minimalising

Thanks, Xylophone.

Alexland

Although I think Fidelity have a great offer a DIY investment JISA it might be a bit difficult if the OP can only contribute money and the parent would then need to login to take the investment actions. For simplicity I would suggest a Robo Advisor however may have high charges and unproven business models and might not be around for long enough. I'd be tempted to do the saving or investing in your name and gift them the money when you feel appropriate.

minimalising

I might still consider the Premium Bonds option.  But cheers for the input, guys.

couth

@minimalising even if PBs aren't doing that well now, it's the easiest option... The child is very young. If you keep adding to it over the years who knows, maybe the child will win a bigger prize. If not, I'm sure the gift will be appreciated when they grow up, even if it won't be a large amount. It's a wonderful thing to do, you're a great person.