Saving for Nieces, Nephews and Daughter

Tunstallstoven

Hi there

I'm sick of Xmas and don't like shopping generally!!!

So I made the decision recently to stop buying presents for my daughter (11yrs), niece (3yrs), and two nephews (1yr and 6months). Instead I thought I would invest small amounts of cash each birthday/Xmas and then give it to them one day when they are older.

I was just going to put the cash in my existing ISA so that it earns interest that way. But I wondered if there are any other options? Are the options different for my daughter than for nephews/nieces?

BTW - my daughter doesn't live with me - she just stays over one night a week.

So is the ISA the best plan or are there alternatives? On the one hand it would be nice if they all had individual accounts in their names, received statements, etc. But on the other I want to get as much interest as possible for them.

Sorry if I posted in the wrong thread but I wasn't sure. Can I move it if so?

Many thanks

Max

Lemon_Tree

I've got childrens flexi saver accounts for my neices and nephews, i'm the trustee and they don't know about the accounts. I just had to go in with their birth certificate and my proof of ID, I'm sure i've read somewhere about the fact that kids can earn / be given upto a certain amount per year without having to pay tax (yep they do have to pay tax if it's above a certain amount), and the account has to be a 'gift' rather than a way for you to stash money without paying tax on it yourself.
Hope that helps

dmg24

So are you not going to give your daughter anything for her birthday and Christmas?!