New baby money

[bumblebee39]

Which account should I put savings in for a new baby? Looking to save £1500 by May but will need access to it.
I have an instant access saver but only has minimal interest on a years basis whereas I will need most of it in 6 months, should I keep it where it is or move to a different savings account?

Also want to set up savings accounts for 2 older DCs so I can start saving for when they are older, even if it's only £30 each a month for now. Highest interest possible but maybe access 1x a year as may need to dip into it occasionally for one off purchases (or Christmas) Tia xx

Money saving expert web site has some of the best rates

Thanks will have a look

Not for the baby themselves for future but to buy things you may need for the baby...
I would put it in an interest paying current account if you have one, as the interest is typically paid monthly and is higher than most savings accounts.
Some savings accounts pay monthly interest, such as Freedom from RCI.

Saving for children's future can be done using a Junior ISA. Money Saving Expert and other sites have more info about the Junior ISA. However you need to check the interest rate as a standard children's savings account could be paying better and still be tax efficient as it is in the child's name, but there are limits on how much interest can be earned. Read the info on MSE and about Kids Tax Rates to get a good understanding of what is going to be most tax efficient in your situation. www.moneysavingexpert.com/savings/junior-isa/

Junior ISA will lock the money away, so is not suitable if you want to take money out for Christmas. Not really sure why they would buy their own Christmas present. I think you need to decide if this money is Yours or Theirs, then determine from there which types of savings account could be used.

Hopefully it's theirs

But shit happens and I don't want to be in a situation where I am in a bad financial situation and can't access the money at all. For instance, if they want to use it for a school trip at 16 and not uni at 18 or whatever..

Xmas is a bad example. Sorry.

I put some money in an ISA when the govt gave a voucher but if I had my time again I wouldn’t do it again as growth has been very minimal and there are charges even if they fail to make any money for your child.
I would put any future savings in a building society account.

Perhaps you should look to maximise your use of your savings allowances first.

www.gov.uk/apply-tax-free-interest-on-savings

You could have an interest paying current account, so get some interest from that - they can pay the same or more than a children's savings account. You could have a couple of those - it often involves juggling some money around between accounts and may mean having some direct debits setup for each account.
savingschampion.co.uk/best-buys/personal/high-interest-current-account/#table

You could then build up a household emergency fund... which you can draw from whenever you like but you could label in your mind as being used towards your children in the future.

Better for you to be debt free excluding your mortgage and having 3-6 months of expenses in an emergency fund. Then at that stage you could look at what savings options there are specifically for your children as you won't need to raid their account as you have your own emergency fund, plus keep chipping away at the mortgage.

My debt is complicated because some of it may not be wholly my responsibility (DV relationship) which is in process of being dealt with right now.

I think you are right and a contingency fund should be a priority, I already have plans to put some money into my instant access saver for this anyway.

I don't have a mortgage as with the council.
I could theoretically get right to buy though but probably will need to be earning a fair amount and then would be paying my student loan off so that's a factor too.

I think it's difficult. I'm recently a single parent to 2 soon 3 kids and although I am a planner and a saver and thrifty, all this and my credit rating were annihilated through my ex accumulating debts in my name 

It's a struggle to get back on top.
My parents didn't have savings for me, and I have had to struggle for everything and still haven't graduated or passed my driving test (both works in progress) so I don't want my kids to end up in the same situation, especially as I know it's unlikely their Dad will be helping in any way if he can help it!