Best Account for new Granddaughter

sheilavw

Any recommendations for a bank account? I just want to put a small monthly amount into an account for her. I currently use Halifax for her older Cousin but just checking out other peoples recommendations.

many thanks

wmb194

https://forums.moneysavingexpert.com/discussion/6672740/best-account-for-new-granddaughter

https://moneyfactscompare.co.uk/savings-accounts/childrens-savings-accounts/?quick-links-first=false&product-favorites-first=false&sort-order=AER&sort-order-text=Rate

Keep_pedalling

How old is she?

born_again

How old & what is the intention?

To build up savings, or for pocket money for her to spend?

eskbanker

Junior ISAs are often recommended, especially for investing (rather than saving) throughout childhood for maximum growth - they need to be opened by parents rather than grandparents but can subsequently be funded by others.

https://www.moneysavingexpert.com/savings/junior-isa/

sheilavw

thanks, she is a new born, just intend putting a small monthly amount away for when she is older.

Keep_pedalling

https://forums.moneysavingexpert.com/discussion/comment/82037292#Comment_82037292

In which case investing is a better option than cash savings. We got our children to open a a S&Ss JISA for each of our GC soon after they were born we funded each one a starting lump sum ant top each one up on their birthdays.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82037292#Comment_82037292

Junior ISA | Invest in a Junior Stocks and Shares ISA | Fidelity

Junior ISA | Junior Stocks and Shares ISA | HL

sheilavw

thanks so much everyone

mta999

Agree with above - definitely don't put it in an ordinary savings account - put it in something linked to equities

silvercar

Although a Building society rep has just commented, promoting their own BS's account. Do your own research on which BS gives the highest rate if you want to go down that road.

Though I would take heed of the comments suggesting that a stocks and shares JISA is expected to perform better in the long term. In fact, my grandson has a S&S JISA, opened by his parents, that we contribute to monthly.