So my best mate has had a kid, and me and my girlfriend have been asked to be the none religious equivalent of God parents. Rather than buying him a load of landfill every birthday and Christmas, I’m keen to open him some form of savings that he can have when he’s 18.

What are the best options? I’d looked at premium bonds, but figured that the stw massive will have a much better idea than me!

Have you looked at a Junior ISA?

https://www.gov.uk/junior-individual-savings-accounts

Yes, junior isa.

Mum and dad will have to open it, easy enough. Great thing to get started for the kids. Let people know the account details if they too don’t want to buy landfill.

Open a pension. Due to magic of compound interest it will earn more by 18 years old than 18 – retirement (or something like that) – Money Box on Radio 4 did a programme on it a while back – maybe 6 months ago? You can check the back catalogue of podcasts

I was going to say pension as I’d heard that before, depends when you want him to be able to use the money

Slight hijack – if setting up a childs pension, how does the tax relief work?

I understood that to be a major bonus of setting up an adult pension?

I get the compound interest over as long as possible.

And am also wary of not being able to access for years AND the buggers changing pension rules at will…