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Childs bank account / saving
manamaga2512
Posts: 30 Forumite
My daughter has a 16 month old and is wanting to open a bank account or some kind of savings thing for him.
Back in my day, over 40 years ago, things were a lot different and you just had a bank book. A lot has changed and there are so many options, but one thing she does want is for any money she pays in, to be "tied up" until he turns 18 or even 21.
Could anyone offer any advice on the best products?
Many thanks.
Back in my day, over 40 years ago, things were a lot different and you just had a bank book. A lot has changed and there are so many options, but one thing she does want is for any money she pays in, to be "tied up" until he turns 18 or even 21.
Could anyone offer any advice on the best products?
Many thanks.
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Comments
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https://www.moneysavingexpert.com/savings/junior-isa/ is likely to be the best bet, tax-efficient and no access until 18.
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If she goes down the ISA route the a S&Ss JISA would be a good choice for such a you child.
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Fidelity or Hargreaves Lansdown might suit as a JISA provider.
Perhaps a global multi asset fund?
https://monevator.com/passive-fund-of-funds-the-rivals/
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