We're expecting our first child in January, and my partner would really like the child to attend private school (as he did from age 13 after being bullied by various students and teachers). I attended the local down the road, for all my education, and maybe I was lucky and went to good schools - my marks were good and I was able to do everything I wanted to in University, etc. (So don't see the need for private education).
Anyway, we have agreed that it's more important for secondary level than primary, and we are thinking about saving up for that, and wanted to know what the best way to save for the next 11 years is? I mean, other people on here must have done that, and there must be more tax-efficient ways of doing that than simply sticking in a bank savings which offers very little interest?
Put £750/month (£9000/annum) into National Savings index Linked Savings Certificates every single month from the moment the child is born until it reaches its 12th birthday.
The Index Linked Certifiates will guarantee the real value of the money will rise with inflation and not exposed to stock market gyrations.
At the end of 12 years you will have £96,000 in today's money. There are 7 years in secondary school and that means you will have £12,500 per year for fees plus about £1,000 per year for uniform and incidentals.
That should be sufficient to put a boy through the secondary school years of the top day school in the UK which is Magdalen college School