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To ask about children's bank accounts/investments

(7 Posts)
MoonStar07 Fri 16-Sep-16 16:37:21

DCs have started getting a fair amount of money for birthdays or people have been asking for their bank account details. Have you any advice on such matters? ISAs? Just zero interest everywhere really?!

Scroobius Fri 16-Sep-16 16:42:39

I have no advice I'm afraid but after getting a letter to say my dd's bank account was going down to 0.25% interest I'd be interested in any good alternatives from anyone else.

DrDeluxe Fri 16-Sep-16 16:46:00

I just put the money in one of our savings accounts. We had a child trust fund/ ISAs but realised that the money was just stuck in it until they were 18 and at the mercy of banks setting rubbish interest rates even when rates were reasonable. Just keep track of it in your own accounts and then if they want to save up and buy something special give them what they have saved.

Also the admin of child accounts used to be a load of hassle which almost always involved me having to go into a branch somewhere

furryminkymoo Fri 16-Sep-16 16:58:22

The pru and other people used to do great long term endowments, do such things still exist?

MoonStar07 Fri 16-Sep-16 16:59:42

Such bad interest rates. FTSE always goes up so I'm thinking save some and buy shares and then just hold the certificates for them. I'm thinking long term here

moggiek Fri 16-Sep-16 17:04:52

The Coventry Building Society has a children's cash Isa at 3.25%.

RebelandaStunner Fri 16-Sep-16 17:06:05

Junior ISAs they get control at 16 and it turns into adult ISA at 18.
2.5% at Lloyds atm
Also ours have premium bonds and win a few £25 prizes every year which just about beats most crappy savings rates.
Not enough encouragement for children to save which needs addressing imo, especially as a lot of adults don't have savings.

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