To ask advice on best long term savings account?

[Despolime]

My sister is due her first baby this month. I’d like to start a savings account for DN (in my name), saving £50 a month until some time in his 20s.

Does anyone have any advice on which account is the best way to do this?

You should post this on the money matters forum or ask on something like money saving expert.

Thank you, I'll try that.

If you were happy to have the account in your DN's name (meaning that could access it at 18) then the Coventry Junior ISA has a good interest rate at 3.6%.

Seriously consider stocks and shares if you are talking 20 year investment time. Cash never beats stocks over that time.

Thanks eleflump. My opposition to that is him being given it at 18. If I'd been given money at 18 I'd have wasted every penny. I'd rather have some control over it.

bungaloid I'll look into that, thank you.

Stocks and shares ISA. In a whole market fund like Vanguard lifestrategy or S+P500 - I.e. not stock picking which is very risky! As long as you’re in 20ish years the returns will beat anything you can get guaranteed.

Have a wee read of the UK personal finance reddit if you’re nervous. Or the moneysavingexpert boards. Wealth of info.