Best way to save for my godchild?

akinyi

Hi, I'm trying to find out the best way to save for my godchild. I'd like to be able to invest a small sum each month for the next 16 - 19 years or so. Does anyone have any tips or good ideas?

Thanks,

Aki

Crabman

Hello & welcome to the site

Have a look at the Child Savings article for info on how child savings accounts work, along with the interest rates for the best-buy accounts. If you're unsure about anything, just ask

Murphy_The_Cat

Personally, I'd invest it in S&S units via the usused portion of your ISA, that way you'd retain total control of the money and it would still retain its tax free basis.

Calchas

Hi Aki

I am seriously considering a stakeholder pension for my soon to be born niece.

Most people I have spoken with think it a bit nuts but I think it's a great idea! :cool:

Murphy_The_Cat

Calchas wrote: »

Hi Aki

I am seriously considering a stakeholder pension for my soon to be born niece.

Most people I have spoken with think it a bit nuts but I think it's a great idea! :cool:

Then tell most people to buggger off :rotfl:

I think that its a great idea as well - so great, that I've done it for both of my children.
Just a quick word of advice, it does take a little while to set up and organise - once you've got the Birth Certificate/Family Allowance book you can get the ball running properly.

Footsie_2

Pensions for kids are a great idea, people may laugh but you'll find that they are usually people who have yet to retire or even people who don't have a pension (shudder at the thought) and don't fully understand the importance of one yet.

Ask someone who has retired or someone who works in the industry and you'll get a standing ovation for the idea!

Calchas

I must admit the people I have spoken with are not people who are likely to frequent a site such as this.