I'd like to create a monthly investment for my children

Nsar1

Sorry I was unclear, yes, that is understood. 
Keen to hear which providers people would recommend.
Thanks

grumiofoundation

jimjames said:

Nsar1 said:

Thank you and to Eskbanker. Understood on setting up themselves, that's fine. I may be better to set up an ISA?

You can't setup an ISA for them either. Everyone over 18 can setup an ISA for themselves but others can't open one for other people even if they are their children.
I don't think others can pay into an ISA for you either so you'd need to transfer the money to them and they then pay it in

Based on quick google search seems like you can pay into someone else’s ISA. (See links below from fidelity and II). Maybe it is at the discretion of the ISA provider? 

Obviously would have to discuss with children and follow normal isa rules (20k limit, 1 per type per year etc). 

In reality though would probably be easier to just do what you say and gift them money and them pay in. 

https://www.fidelity.co.uk/stocks-and-shares-isa-faq/#2287345
https://www.ii.co.uk/ii-accounts/isa/stocks-and-shares-isas-explained

pat1976

S&S isa (or LISA) seems sensible since it's the most flexible and they may need to access it. How long is long term? How much do you plan to invest and what rate of return are you aiming for? Do you think they will really need this money  eg it'll be their only chance of getting on the housing ladder, or is it more of an insurance policy against redundancy or worse? 

As above they would need to set it up and you gift them the money to pay in. I understand that you want to do this so they can have some long term savings/investments, do they want this? If you gift them money they can do with it as they see fit, possibly not even pay it into the ISA at all but certainly take it out to spend whenever they want to. Their idea of 'long term' or essential expenditure may be very different to yours. Are they in any debt? Their finances would be in better shape long term  if you paid it off rather than invested but often people need to do that themselves to learn the lesson. 

I'm not wishing to cast aspersions on the financial savvy of your children, but do really talk through thoroughly if you haven't already. I have friends who saved small fortunes intended for uni fees or house deposits which were spent on world trips and ill thought out business ventures (which is absolutely the childrens choice) but then uni fees and a house deposit were still required a few years down the line and this understandably strained the relationships. 

If you really want to save for something specific in their future like a house deposit you may be better off investing yourself then gifting the money at the right time, although this may not be tax efficient if you already use all your isa allowance. 

Nsar1

Thanks, there are no guarantees in life but both of them have their heads screwed on about money and neither have debt beyond student debt. I'm in the Martin Lewis camp on that subject. 
The horizon is probably 10-15 years out when they may be setting up a business or want to undertake major work on what would probably be their major property purchase, so having something that gives them some headroom at that point in the their life is attractive.
Regrettably I'm not in a position to use all of my ISA allowance.

Albermarle

Keen to hear which providers people would recommend.

You will understand that a Stocks and Shares ISA ( sometime also referred to as an Investment ISA) is only a tax shelter for the investments within it . Some S&S ISA's offer a vast range of different investments ; shares + funds + investment trusts + ETF's etc. which are more suitable for more knowledgeable investors Some just offer a very simple range of a handful of funds which is often better for inexperienced investors and of course there are offerings inbetween the two extremes .

Then it is important to think about your/their risk tolerance . Potentially higher growth funds in the long term are usually 100% linked to the stock markets of the world , so in the short term can be very volatile . Not everybody likes that .

On the other hand low risk funds can struggle to even keep up with inflation .

Nsar1

Yes, pretty comfortable with all that. It was user experience of the providers of the ISA itself I was seeking, ie low charges, wide range of investments beyond vanilla. etc. Mind you, this seems useful as a guide  https://www.moneysavingexpert.com/savings/stocks-shares-isas/

Albermarle

The ones you hear most mentioned on here are 
Hargreaves Landsdown; Fidelity; AJ Bell; Vanguard ; Iweb; interactive investor 
https://monevator.com/compare-uk-cheapest-online-brokers/