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  • Kids/new baby saving or isa thingy?
  • dh
    Free Member

    Do junior number 2 has arrived and the government don’t do the child saving thing they did a few years ago that his big sister got £500 iirc so it seems only fair for me to put down £500 myself for his future somewhere.

    Any advice as to where is best? I was thinking a junior Isa but maybe a more normal kiddies saving account. I can’t see. Myself depositing much into either each year from the basic £500 if that makes a difference?

    Scratch cards perhaps?

    restless
    Free Member

    halifax do a good childrens saving account.

    dh
    Free Member

    so do you think a savings account is maybe a better bed that the isa? i dont mean to pin you down to it or anything 😀 – just i dont really have a clue about things like this.

    bullheart
    Free Member

    Hello Mrs Bullheart here, I had the same dilemma with calfheart so thought I’d post.

    Check out money saving expert as it has a good article with the pros and cons of different options. I didn’t like the idea of the junior isa as you can’t take money out of it at all and it automatically becomes the kid’s at 18 – just when they are probably way off the rails and ready to spend it all on drugs and alcohol…

    Pieface
    Full Member

    Like bullheart I was worried about the ‘control’ element, but I’m hoping we’ll have a couple set up for her, most of which will be under our control, if she wants to blow some on a car / travel then thats her lookout, the other 10k are going to something useful.

    I think the Halifax thing means you need an account, but you can open one with £10. Otherwise there’s NS&I bonds.

    breatheeasy
    Free Member

    To be honest if you’re just thinking about investing the £500 and that’s it during 18 years I wouldn’t worry too much about the control thing. Heaven forbid they blew it all on one beer or something in 2030… 😀

    We’ll doing something like pieface – Junior savings that baby breathe can spend as she likes (hopefully at university….) and a savings account we can choose to give her whenever, maybe as a house deposit.

    If you’re not using your own stocks and shares ISA maybe put it in that. That way you could keep it seperate from any cash ISA you have.

Viewing 6 posts - 1 through 6 (of 6 total)

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