Savings for a new baby

Reformed

I have a new baby and I want to save for her seperately from her child trust fund. My main concern is that I have money set aside for emergencies and most importantly a university fund so I will be well prepared and able to help her financially at that time.

Can I open ISA's in her name?

Otherwise what other savings products do people recommend. I'm unlikely to dip into these savings until she is 18 -

Thanks

Amy

quidsin

Reformed wrote: »

I have a new baby and I want to save for her seperately from her child trust fund. My main concern is that I have money set aside for emergencies and most importantly a university fund so I will be well prepared and able to help her financially at that time.

Can I open ISA's in her name?

Otherwise what other savings products do people recommend. I'm unlikely to dip into these savings until she is 18 -

Thanks

Amy

We wanted to do this for our new born daughter last year, after reading Martins item on child trust funds, hw said in 18 years time you might hate your daughter for whatever reason! I suppose she might get involved with the wrong crowd and if the money is all in her name, its all hers.
We opened a child trust fund, and all birthday money & christmas money goes into that, any extra savings go into a high interest savings account which was opened in my daughters / wifes name, which if we need to, we can make withdrawls.

Mikeyorks

Reformed wrote: »

Can I open ISA's in her name?

Afraid not .... until she is 16. You can put the funds in yours etc if you don't use your allowance?

Article from Martin here might be worth a read :

http://www.moneysavingexpert.com/savings/child-savings-tax-free

.... but if you're investing, as opposed to saving, depends on what sums are involved?

Bit on the CTF here - if you re-consider?

http://www.moneysavingexpert.com/savings/child-trust-fund-vouchers

.... look at the investment options? What Martin actually said (previous post) is contained in there :-

The money goes direct to your child. Babes in arms now can grow to be
rebellious 18 year olds. The CTF goes straight to them. Your savings for their
college fund may be spent in a day on a Playstation, world trip or some darker purpose. It is their money, you can't stop them. Do consider whether you want your child at 18 to have complete autonomy over all this.

.... certainly a valid consideration?

Reformed

I did read this - I see my sister who is 19 spending everything she earns on throwaway fashion and going out so I am loathe to put a regular amount into her trust fund. I think I'm going to do as quidsin - birthday and present money into the trust fund and childbenefit/ other into a high interest savings followed by fixed term accounts once there is a sizeable amount.

Thanks all for your help!!

Amy