Talk

Advanced search

Mumsnet has not checked the qualifications of anyone posting here. Free legal advice is available from a Citizen's Advice Bureau, and the Law Society can supply a list of local solicitors.

Where and how to set up savings for new child

(14 Posts)
ThisSummerBetterBeDarnGood Mon 03-Mar-14 10:42:40

we got the 250 for our first which is in nat west account, shares so did dreadfully for years and is now picking up.

we do not have 250 to put anywhere for our second child, there is no lump sum.

i was thinking of starting with £10 perhaps and putting tiny amount each month into it.

we do not get money for bdays or anything from relatives.

if we could jjust get a few grand for her y 18 i wold be happy,.

any idea. bay on lap with keys

sleepyhead Mon 03-Mar-14 10:49:02

Watching this as we're in the same situation.

I'd quite like to set up a shares Junior ISA since that'll be similar to ds1's CTF but don't know where to find info about the best performing ones. All the info I've found online seem to be about cash.

I feel bad because ds1 was an only for 6 years so we were far more flush that we are now and I can't see us being able to match ds1's savings for ds2 (not that we're talking thousands for ds1 either). But I guess a sibling is worth more than gold...

BillyAndBamBam Mon 03-Mar-14 10:56:55

I set up a junior cash Isa for dd and we put £15 into it every month. Not much but it will be something and we will be able to match it when we have no.2

ThisSummerBetterBeDarnGood Mon 03-Mar-14 10:57:41

*But I guess a sibling is worth more than gold...*grin

ThisSummerBetterBeDarnGood Mon 03-Mar-14 10:58:23

I dont think we could afford 15 a month, more like 5 or 7

BornOfFrustration Mon 03-Mar-14 11:13:50

We put £10 in a junior isa for DD to give her a couple of grand to blow or save when she turns 16.

ThisSummerBetterBeDarnGood Mon 03-Mar-14 12:12:00

Really, just 10 will grow that much confused

FrankelInFoal Mon 03-Mar-14 12:14:29

Check websites like:

www.moneysavingexpert.com
www.lovemoney.com
www.which.co.uk

They have lots of information on the best performing ISAs/child savings accounts.

sleepyhead Mon 03-Mar-14 13:16:48

I'm presuming BoF means �10 per month (x12 x16 would be just shy of �2k not taking into account interest).

One thing to consider is that if you open a Junior ISA the money is your child's and you can't withdraw it no matter how much you might need to at a later date, also they get access to it at ?16 or ?18 and you have no say in what they do with it - if they want to blow it on a trip to Ibiza or a huge cocaine binge then that's up to them...

Another option would be a savings account with you as the trustee. We've got this in addition to Ds1's CTF although we've not paid in for a couple of years. Our intention was to save for him but that the money could also be used for big purchases that we might not otherwise be able to afford - eg if he wanted an iPad for secondary school, or to go on an expensive school trip. I'm considering moving it into both dcs names and starting to put regular money into it again for the same purpose.

Ds1's shares CTF has done ok. We've had it for 6 years and although it goes up and down, the fact that in down years you buy more shares for your tenner means that when it goes up again it's grown more than it otherwise would have.

Splatt34 Mon 03-Mar-14 13:55:21

DD1 (3.4) has a stocks & shares ctf with family investments and have just opened a junior stocks & shares Isa with the same for DD2. We pay in �10 in each by direct debit each month.plus birthday / Christmas cheques from great granny as i know this what she would expect.

poocatcherchampion Mon 03-Mar-14 14:03:47

Halifax kids regular saver has 6% interest. we've got it for both of ours. in branch only.

easy least job done!

bigwellylittlewelly Mon 03-Mar-14 17:53:56

I've a meeting set up for Wednesday with Halifax to open two regular savers for children - do you know if we (DH and I) can be trustees because DD1 is disabled and unlikely to be able to make her own financial decisions in future.

ty.

ThisSummerBetterBeDarnGood Mon 03-Mar-14 21:32:31

if i wanted another share one then where do i go too to get one?

ThisSummerBetterBeDarnGood Mon 03-Mar-14 21:36:00

Big I am not sure, my brother was disabled and I think my mother had her own pass book for him, she took money out with him and his carers did too.

as an aside, my poor brothers finances were controlled by a care worker where he lived who basically brought my brothers life style down to his own, so instead of taking my brother to john lewis to buy a really good arm chair for him, and he had plenty of money for, he was brought a cheap plastic sort of computer chair for 40, he sat in his chair most of the day, so a needed a good arm chair, and once my mother passed on, as siblings it was nigh on impossible to get access to his money to make descions like this or even take him on holiday somewhere decent.

Instead he paid for the care worker to go places like east bourne for two nights.

so whatever you do set up, bear this in mind should you have plans for your dd to be moving out,

Join the discussion

Join the discussion

Registering is free, easy, and means you can join in the discussion, get discounts, win prizes and lots more.

Register now