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Kids Account?

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I want to set up a savings account for my daughter but not really sure of what I should be looking at?

I want to pay monthly into it and she won't be able to touch it till she is 18. Anyone able to point me in the right direction.

I don't own ISA's or anything like that...tbh I don't really know much about them or if they are good or what. :(

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I want to set up a savings account for my daughter but not really sure of what I should be looking at?

I want to pay monthly into it and she won't be able to touch it till she is 18. Anyone able to point me in the right direction.

I don't own ISA's or anything like that...tbh I don't really know much about them or if they are good or what. :(

I found the Halifax monthly saver best at 6% fixed for 1 year. It renews automatically each year. This time last year it was paying 10%!

Any adult can open one for a child so if you can recruit all the grandparents and uncles to open one each your child can have multiple accounts and the interest earned is not treated as your income for tax purposes (as it would be if childs total income from your gifts is over £100 if you opened it)

The only snag is that the money is transferred out into a low interest account at the end of each year and you have to find a better home for it.

I also put money into an investment trust saving scheme with Foreign and Colonial. Unless the investment environment has completely changed to that over the last 100y this should produce a decent growth over a 10-15 year period

Best to keep it simple rather than chopping and changing every year

PS As my estate would be subject to 40% tax on my death I also buy physical gold to hand onto the kids.

Obviously your executors are legally obliged to tell HMRC that the gold forms part of your assets so that it can be taxed ;)

Edited by dr ray

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I don't have a child, but was once one. However, don't you think the best kind of kids account is one where they can interactively save. E.g. I had the Natwest one years ago, and remember colouring in bars for every pound I saved, after a while you then got the pigs!

If you're saving thousands, don't you think it would be behind the scenes until they are in their teens. Then just go for the best rate like above.

Oh, kids don't pay tax either.

Edit: Something like this: http://www.natwest.com/personal/savings/g4...x#tabs=section1

Edited by Jason

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I don't have a child, but was once one. However, don't you think the best kind of kids account is one where they can interactively save. E.g. I had the Natwest one years ago, and remember colouring in bars for every pound I saved, after a while you then got the pigs!

A complete set of those wade pigs used to be worth over £150 , now you would struggle to get a ton ,

the dad Sir Nathenial is still worth around a bullseye though whilst baby pig 'Woody' is only worth about 2/3 quid .

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PS As my estate would be subject to 40% tax on my death I also buy physical gold to hand onto the kids.

Obviously your executors are legally obliged to tell HMRC that the gold forms part of your assets so that it can be taxed ;)

I just buy the kids nice shiney things that they will be allowed to play with on their 21st birthday. By that time they may want to swap it for some decoratively printed paper. :rolleyes:

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