Saving for my grandchildren

G246

I have 3 grandchildren at present 4, 2 and five months. I would like to put a couple of hundred pounds each in some sort of account or isa that I can add to as and when on birthdays and christmas. I want it to be something from me that I build up over time, doing the same for any additional grandchildren (not young parents, so not expecting very many more). I am not great at presents and so this would be something I would want them to understand eventually was from me (in addition to relatively modest birthday and christmas presents)  - its really about knowing they were important enough for me to take trouble over as well as some financial boost - about their self esteem as they get a bit older whatever happens to them in life. I am not a young grandparent and am well  aware that anything I have may well be taken up in care costs should I need them later on, so I see this as something I can do for them regardless. What do forum members think would be my best option?

Albermarle

It is a very regular question.
Suggest you put 'childrens savings' in the search box at the top of the page and read all the threads that come up.

G246

Thanks - have read around and still confused. It seems grandparents, and providers have lots of different reasons and expectations for taking out the savings. As I expect most people do, I have my own reasons and aims and wondered if others experiences/knowledge can help me with what turns out to be quite a tricky decision. It is not a fortune, but it is importand for me to get it as right as I can.

Keep_pedalling

We have done this with each of our grandchildren, we got our children to set up an S&S ISA for each of them which we top up each birthday. As far as I know we are the only people contributing to those ISAs but others could which might not suit what you are trying to do especially as unlike adults children can only have one S&S ISA and one cash one.

G246

Thank you so much - that is really important information - I wasn't aware of the one S&S and one cash one rule for children.