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Savings for my son
quantic
Posts: 1,024 Forumite
Trying to figure out where the best place to put the money I'm saving for my son.
I save £250 a month and its currently got 11.5k in it, hes only 5 so unlikely he will need access to this money for a longtime.
I was thinking to put it into a 1 or 2 year fix, found a couple deals around 3.6%.
Wondering if its worth waiting given todays interest rate announcement and possibly fixing at around 4% for a year or two. Unless theres another option anyone can suggest?
Thanks!
0
Comments
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If you're happy for the money to be in his name rather than yours (and for him to have access to the money at 18), then a S&S junior ISA is likely to be the best bet for long-term growth, whereas staying in cash deposits risks real-terms value loss to inflation.0
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