Savings account for baby

Alexland

Totally agree kinger101 but when I have put this view previously it has been very unpopular with those who make child SIPP contributions. It would really be at the bottom of my list for how to help our kids once all other allowances were used.

BuildTheWall

I think for people who earn a lot, it’s going to be 
pensions
ISAs
junior ISAs
junior SIPPs
in that order. 

Alexland

Yes although for estate planning purposes there may be a point at which you might want to switch into moving assets into your children's name at which point a child SIPP could be useful.

MaxiRobriguez

Thanks for comments all. I think that settles my mind and I'll be opening a JISA for him when he's here.

poppy10_2

Alexland said:

poppy10_2 said:

Open up a Junior ISA with the likes of AJ Bell.

AJ Bell would cost £1.50 per trade and 0.25% ongoing.

For a S&S Junior ISA (or SIPP) then Fidelity charge no platform fees if you stick to funds but they do require either a £1k initial lump sum or to start a £25+ per month plan.

Fidelity do have a platform fee - it's 0.35%, considerably more expensive than YouInvest or Vanguard. They have no dealing charge for buying funds, saving you £1.50 against YouInvest (Vanguard also has free dealing), but you shouldn't be doing much dealing in a Junior ISA - a single top up each year would only cost you £1.50

Alexland

poppy10_2 said:
Fidelity do have a platform fee - it's 0.35%, considerably more expensive than YouInvest or Vanguard.

Not charged on the Junior accounts. If you don't believe their website then I can assure you there are no platform fees being deducted on our kids JISAs unlike our adult accounts where I see the £3.75 cap being charged each month which is amazing value considering the account valuations - less than 0.02% pa. Even better they gave us enough transfer cashback to cover the adult platform costs for around a decade.