My very generous Uncle has given my DS £1000 for his future but I have no idea what the best thing to do with it is! I would like to have an account that I can put the lump sum in and then add a small amount every month, so he has a chunk of money there for him once he leaves school to put towards whatever it is that he want to do with his life. I've looked but I'm a bit baffled, can anyone recommend what I should do? Thanks in advance
I opened a Junior Stocks & Shares ISA with Hargreaves Lansdown for DD. I've been really impressed at how easy their website makes it to invest in funds etc., takes a lot of the mystery out of it! Over the long term stocks & shares are a good investment if you're not going to be dipping into it, usually better than cash investments. My DD's ISA currently has 8.5% return.
To tell you the truth, I can't stick the Halifax, any dealings I've had with them has been a load of hassle, I'm in the process of changing over accounts with them at the minute, I've had enough of them.
I looked into the halifax one as i bank with them but i didnt like the fact that it had to be transferred to the child once they reached 16 and it didnt have a little savings book. All you have is an account number and sort code, no book or nothing.
Dd has one with Yorkshire building society. You can lock the money away until 21 and you get a savings book.
Most banks require you to sign over the account at 16 years old and i really didnt want that so yorkshire bank seemed best for us