Saving for a Baby and myself? £1000 start

stacey007

Hello,

Hope this is the correct part to post. I have two questions.

1) Savings account for our Baby with a lump sum to start of £1000 and then £15 or so a month. Prefer something fairly guaranteed and that we have access to. We already have a savings account (Isa) started and another one with the Money she was 'given' when born. This one is hers however to do with what she wants when 18.

2) For my own savings I have £1000 that I would like to put in the best place possible but also have access to it if needed. The odd deposit into this fund would also be added but not always monthly.

Any advice welcome.


Thanks

robp

I've been thinking about this also, as we will be having a baby in August all being well.

For now I'm using my own and the wife's ISA allowances, followed by good savings accounts (Icesave and Sainsbury's at the moment).

Once baby is born and we have the £250 handout, I'll probably put that and £1200 per year into a Child Trust Fund (Fund based rather than Stakeholder or Savings).

With any luck, that should help towards their teenage costs whether it's University, a car, house or (my preference) to start a Pension!

Rob

Graham_Devon

stacey007 wrote: »

Hello,

Hope this is the correct part to post. I have two questions.

1) Savings account for our Baby with a lump sum to start of £1000 and then £15 or so a month. Prefer something fairly guaranteed and that we have access to. We already have a savings account (Isa) started and another one with the Money she was 'given' when born. This one is hers however to do with what she wants when 18.

2) For my own savings I have £1000 that I would like to put in the best place possible but also have access to it if needed. The odd deposit into this fund would also be added but not always monthly.

Any advice welcome.


Thanks

I'd split it. £800 into an ISA (NSandI for me personally) and £200 into ICICI so you got £200 accesible without breaking into your ISA allowance (you can only put in £3000 a year, so if you took out £1000 in that year, and you left £2000, in that year, you couldnt top it back up to £3000 as £3000 has already gone in).

Split it up how you like really. Then make extra deposits to the ISA as and when you can.

Just how I'd do it though