Best way to save for children

[RamonaCP]

Hi to All,

I want to start saving for my son and was wondering if you have some suggestions? He is 7. Many thanks.

You can open a Junior ISA. Tesco bank offer it, and you can apply online. will link the tesco bank link as well as more info about it below x

www.tescobank.com/savings/isa-accounts/junior/index.html

www.gov.uk/junior-individual-savings-accounts

I didn't go for the ISA as they go to the child at 18 I believe. I have a Nationwide children's account for DS but I triple checked that at 18 it would become an adult account under my name. It is going to be a house deposit and we want to give it when DS is ready to settle down not at 18.

Thank you. I will have a look around.

We have the Nationwide Future Saver account for DD. We were putting £50 a month in but have dropped to £20 a month at the moment as earnings a bit lower due to COVID. Also money she gets given for birthday/Christmas etc goes in there too so it soon starts adding up!

I got a savings account in my name, with my child joint holder. That way the account doesn't directly become their's when they are 18 but they don't pay tax on interest. I'm not comfortable giving an 18 yo thousands of pounds - it's for a house deposit or uni fees etc.

Within the account they have two mini accounts - one with the savings DH and I put in, and one with Christmas and Birthday money in. They are allowed to spend the Christmas and birthday pot.

Thank you! I will go for a saving account probably. Many thanks.

We added to our monthly savings for a stock and share isa. That means no interest tax is due, we can easily change and adjust depending on money and the market and it is not automatically DD’s when she turns 18.

It is for her future, yes but I still want to control the majority of it or at least keep control in case there are larger issues. A colleague’s family tale unfortunately is an example what can go wrong,

DD has her own saving account for pocket money and similar so she learns to budget and save but that’s for general spending not college, house, car, gap year etc. It also means I can access it for trips or requirements before she is 18 like an expensive school trip or holiday.

I opened a savings account using Martin Lewis’s (then) top recommendations of kids’ accounts. DP refused to put money into a junior ISA, in case DS blows it all on his 18th birthday weekend. I’m not too bothered either way (account vs ISA), for now.

Specifically looked for one without a minimum monthly deposit etc. Standing order of £10 each week into it - we don’t notice that amount gone, and that’s kind of it for now. Our relatives don’t really do cash presents... though DS’s lockdown birthday saw him £60, and he has agreed that he can save some and spend some. Normally he’d put cash into his real piggy bank himself but that “saving bit” will go into the account.

*DS just turned 6

We have cash savings accounts and then money from grandparents (not a lot) in stock tracker type accounts. The kids both each have their own pension, funded by their grandad.

My children have junior ISA’s which yes, does into their names at 18 but they don’t know about the accounts so there will be no blowing it all away the minute they turn 18.
I plan to encourage them to spend the money on their first car, they are expected to be have about £6k in by the time they turn 18

Start buying him three monthly sessions with a private dental hygienist. You will not only save him a small fortune in dental care, you will also give him a smile to be proud of as he grows up. I did this for my daughter who is 26 yrs old now and has only ever needed one filling and that was to fill a gap between two back teeth that always got food stuck init.
No child ever cleans their teeth properly,. My daughter hated the visits when she was younger but now, she sees it as the perfect investment.

I spent a bit of time looking into this for DD and actually ended up building a model which optimises which account the money should be in to get the best interest rates at all times and make the most of all the bank teaser rates. Like the electricity bill switching businesses except for kids savings accounts.

I've also built it into a calculator that anyone can access to show the benefit you could get (as a few friends found it useful too) and was thinking of turning it into a side project if enough people were interested in it. savingscalculator.hapiplan.com/

Thank you for your responses.
A bit OT, but can you suggest also the best life insurance?