Money / savings / premium bonds gifts??

[FusionChefGeoff]

We'd like to start a 'tradition' of giving smallish presents for my niece who is only a few months old but supplementing with a bigger cash gift (about £50) for xmas and birthdays that will grow into a meaningful chunk when she's 18.

I don't know how to do this!

• Premium bonds could mean a less than original investment after 18 years if no wins due to inflation.
• looks like cash ISAs have to be opened by a parent

The guide in Moneysaving expert doesn't seem to give an outright winner as its aimed more for older kids who want to save regularly.

Should I just find a kids account that can be operated online by an adult?? We don't want to mess about moving the money every year so flashy introductory rates aren't useful.

Anyone know of any that are suitable?

Premium bonds have to be started with a minimum £100. I’ve set them up for my niece on my parents’ behalf and it was a colossal PITA

Ok so there's another 'con' in that box! Anyone else got any recent xperiemce of savings accounts or similar?

Have (or will) her parents set up a savings account for her? Then you could just pay the money direct into that. My dcs have both had their own accounts pretty much from birth and any money they are given for birthday and Xmas gets paid in there.

What Wenchelda said. People just give us cheques in their name to put into their accounts.

Great idea OP.
I secretly wish that people would do this for mine, rather than books they already have, clothes that are too small, selection boxes that I hate the sight of 😭

What I do for my niece and nephew is buy a money wallet card (Tesco have beautiful ones) and write a little note that it's for their savings accounts.
Their parents have never told me that they actually have a savings account for them (although I'm quite certain they do, as they both work in finance) but I like to think that it's saved for their future.
If not, then that's their choice too and that's fine with me

Have you checked with their parents first?
When dd1 was born, MIL set up a savings account for her and told everyone on that side of the family to give cheques instead of gifts for every birthday going forward.

As it happens, I disagree with giving children a chunk of money the second they turn 18, having seen plenty of friends squander what would have been seriously life enhancing amount a few years later. I'd have been totally happy with everyone saving for her in an account in mine or dhs name, but it was never discussed with me.

MIL never opened an account for dd2 and only one relative bothers sending her cheques (most of that side of the family forget her birthday anyway as it's close to Xmas.) and every birthday dd1 is confused as to why no-one gives her a present.

Also, the bank MIL opened the account with doesn't have a branch near us and paying in cheques is a massive pain in the arse. It costs me £5 in bus fare to bank a cheque worth £10.

I guess I'm trying to take the 'job' away so the parents don't have to faff about paying in cheques / cash etc and we do it.

I think I will need to ask if they've already got one then could do online transfer instead. But I did like the idea of their being a meaningful pot that was from Aunty Fusion when they were older rather than getting lost in general savings

Premium bonds can only be bought in multiples of £100, and can only be bought for a child by the parents or grandparents. I have bought some for godchildren, and had to send a cheque and the application form to the child, and hope that their parents bought them on their behalf.