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Has anyone set up an account for their child recently?

(6 Posts)
Thingmcthingyface Fri 28-Oct-16 12:50:30

My DC has just inherited £2k from grandad. I have no idea where to put it...

dementedpixie Sat 29-Oct-16 12:50:51

Junior isa?

whyohwhy000 Sun 30-Oct-16 08:32:55

Junior ISA if he/she wants to transfer it to an adult ISA later.
Normal savings account if it's likely to be needed before a few years after his/her 18th birthday.

Nicketynac Sun 30-Oct-16 08:45:22

I wouldn't use a junior ISA as it limits where you can move the money to in the future i.e. only another ISA. Check money supermarket or similar for accounts to compare.

JustHappy3 Sun 30-Oct-16 11:40:12

Barclays are paying 3.5% on junior account and Halifax 4%. Best to have it somewhere you can access it if they need it earlier.

I'm thinking more on lines of buying an expensive musical instrument for them that will hold or increase its value than spending money for a holiday.

2015mom Sun 13-Nov-16 21:22:27

Halifax are the best regular saver at the moment for kids 4% but you can only put max of £100 in there every month

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