To ask about children's bank accounts/investments

[MoonStar07]

DCs have started getting a fair amount of money for birthdays or people have been asking for their bank account details. Have you any advice on such matters? ISAs? Just zero interest everywhere really?!

I have no advice I'm afraid but after getting a letter to say my dd's bank account was going down to 0.25% interest I'd be interested in any good alternatives from anyone else.

I just put the money in one of our savings accounts. We had a child trust fund/ ISAs but realised that the money was just stuck in it until they were 18 and at the mercy of banks setting rubbish interest rates even when rates were reasonable. Just keep track of it in your own accounts and then if they want to save up and buy something special give them what they have saved.

Also the admin of child accounts used to be a load of hassle which almost always involved me having to go into a branch somewhere

The pru and other people used to do great long term endowments, do such things still exist?

Such bad interest rates. FTSE always goes up so I'm thinking save some and buy shares and then just hold the certificates for them. I'm thinking long term here

The Coventry Building Society has a children's cash Isa at 3.25%.

Junior ISAs they get control at 16 and it turns into adult ISA at 18.
2.5% at Lloyds atm
Also ours have premium bonds and win a few £25 prizes every year which just about beats most crappy savings rates.
Not enough encouragement for children to save which needs addressing imo, especially as a lot of adults don't have savings.