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Children's savings experience/advice

(6 Posts)
primarynoodle Fri 16-Dec-16 16:43:42

Hi - am crap with savings and money understanding but would like to set up a decent saver for my dd (5 months).

The idea is we'll put £50 in every birthday/Christmas plus any birthday money etc she gets as she grows up so when she's 18 she'll have a minimum of £1800. where's best to put this? I opened a future saver with HSBC this morning but the interest rate is crap, the online advice is bamboozling me so any advice in layman terms from you experts?

specialsubject Sat 17-Dec-16 20:34:18

Why on earth did you open an account with a rate of 0.25%? That is insulting even at the moment.

Close it again. You can get 3% for kids, even 4%. No point in junior cash ISA's at the moment. Plenty of options on moneysaving expert or others.

Keep a close eye on the rate as it will drop at some point, so you need to keep shifting money. Inflation is well over 2% and will go higher, Carney hates savers so it is difficult to stay ahead.

dontcallmethatyoucunt Sun 18-Dec-16 19:38:20

Check out metro bank. If you put something- even - £1, they will give you money!

specialsubject Tue 20-Dec-16 13:37:56

Not much, interest only 1.25%. Can do better.

dontcallmethatyoucunt Tue 20-Dec-16 17:22:22

They give you £5 if you deposit even £1

ellesbellesxxx Tue 20-Dec-16 17:23:41

IF you look on moneysavingexpert, there is a page dedicated to children's savings and rates.. worth a look!

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