NS&I child ISA

[WindFlower92]

Hi there, I'm looking for some advice for opening up a savings account for my daughter (5 months old). I've been doing a bit of reading, trying to work out if a normal child saver account or isa is better, and it seems that NS&I isa has a good interest rate.

Has anyone used them for this? Would you recommend? I'm not wanting to take too many risks with money - I'd be putting £50 a month in there (this could obviously change if circumstances do), and I just want something that keeps hold of her money until 18 and hopefully builds a bit of interest along the way. Is this isa a good idea for that purpose?

Would I be able to open up anymore? I'm hoping to have more children, and would ideally like to open one each, so is this allowed? I've read you can only open one a year, but other than that is it unlimited?

Thanks people!

[Yeahyeahyeahyeeeeah]

I take it you mean an ISA in your name, not theirs?

[WindFlower92]

I think it would be in my name to start with and then her name when she turns 18.

[Yeahyeahyeahyeeeeah]

Are you thinking of a Junior ISA?

[WindFlower92]

Yes sorry, that's what it's called!

[BackseatKnitter]

You can open a couple of accounts to get the best return. We have a monthly saver at 4.5% which we pay in to a 3% Isa at the end of the year when it matures. All at Halifax.

[AmarilloVan]

We opened a stocks and shares junior ISA for our two boys (now aged 4;6 and 5;11). They have performed well growing at 9% per annum.

The money goes into a range of tracker funds:
UK FTSE 100 tracker
US Dow tracker
Europe tracker
Japan tracker
Pacific (excluding Japan) tracker
Emerging Markets tracker

The reason for selecting tracker funds is to keep commission payments to a minimum.

Money in a Junior ISA is locked away until the child is 18 unless they suffer a life-ending illness.

[MissConductUS]

Vanguard is the leader in index/tracker funds and the only investment company that is owned by the investors and run for their benefit.

I've been with them for decades in the US and their customer service is excellent.

www.vanguardinvestor.co.uk/investing-explained/stocks-shares-junior-isa