Best saving schemes for grandparents for their grandchildren

Wanted to start saving for our grandchild's future. What is the best way to save for them? Is it ISA, Bank Account, Premium Bonds etc. Can grandparents set these up in their grandchildren's names?

Comments

  • If we are talking about a very young child then a S&S JISA would be my choice. We have funded one for each of our GC. Only a parent or guardian can set them up and manage them but anyone can pay into them once done.
  • I drip feed monthly into stocks and shares accounts held with Hargreaves Lansdown. Each account is in my name, designated to a particular child.
    Yes, I'm liable for any and all taxes due on the monies, but as it's (at the moment) not huge sums, I can meet the tax liabilities easily.
    The investments are for the long term.
    My grandchildren already have Junior ISAs set up by their parents.
  • We have premium bonds for our grandchildren. Ours are abroad so they can only have some types of savings. One of the parents has to have control of the account. I set them up to reinvest any winnings. I can’t say how long I will be able to keep giving them the money but in the meantime they have a nice amount building up. 
  • km1500
    km1500 Posts: 2,120
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    if we are talking savings for the long term in other words over five or so years then you should consider putting the money in a stocks and shares product otherwise if you put it in an ordinary savings account you risk it being eroded by inflation
  • Albermarle
    Albermarle Posts: 20,994
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    Wanted to start saving for our grandchild's future. What is the best way to save for them? Is it ISA, Bank Account, Premium Bonds etc. Can grandparents set these up in their grandchildren's names?
    This is a very regular question on the forum. If the children are young then the usual recommendation is a Stocks and Shares Junior ISA, as over the long term it is likely to grow more than a savings account.
    Top children's savings accounts: 5.8% interest (moneysavingexpert.com)
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