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Savings schemes for children, but not government scheme

(3 Posts)
Janus Wed 16-Jul-08 09:48:39

My oldest daughter, now 8, missed out on the government scheme now given to all newborns. We have a saving scheme for our 5 year old and will probably set up one for our newborn but the scheme we are currently under only works with the child trust fund, you cannot set up without the voucher.
Has anyone got an older child they have set up a savings account for? We have a regular bank account but I would like to set up something that puts in a certain amount each month but do not know where to start!
I am a little scared of putting it all in shares but don't mind taking some risk. So, can anyone recommend a company to look at?
Many thanks.

wickedwitchofthenorth Wed 16-Jul-08 22:26:24

I have a halifax regular saver account for my son (8 too)
I pay in £40 p/month and it earns 10% interest.
Would like to invest in a trust fund type thing for him too but as you said, most of them are under the child trust fund scheme. Also as there's only 10 years till he reaches 18 so I'm not sure if this would be a long enough investment period to really benefit from a shares investment?
Will watch this incase anyone has a better idea as to how to invest.

Janus Thu 17-Jul-08 11:33:44

wicked, I did a lot of searching on the net last night and found something called the Jump scheme from a company called Witan. Apparently, it's a very well known investment trust scheme (invests money in stocks and shares but moves them out of any risky ones towards the end of the policy). Their previous performance is excellent. I'm going to get their brochure. There's is a minimum 10 years (mine was 8 this month) so it would be ideal for dd, thinking of about £30 a month. If you google Jump savings scheme you should find it.

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