Hello Lovely Mumsnetters
In need of some advice/opinions here.
I have DD 6 months old tomorrow and looking into best savings options for her as DH and I would like to give her the best financial start in life we possibly can. We're fairly risk averse.
So far we've opened a kids cash ISA with Coventry which all her cash gifts from family and friends has been paid into (decent amount at well over £1k). We plan to pay into that account any lump sum gifts she receives as we know family will guve her a lot for Christmas, birthdays and other cultural celebrations we have. We've also opened the Halifax regular monthly saver that we're giving her £100 per month (decent interest rate but is a 12 month plan). When the Halifax account term ends next year we will then transfer into her cash ISA and then depending on what deals are available maybe start again with another fixed rate 12 month regular saver and continue that cycle every year.
I'm looking also at opening possibly the Barclays version of the 12 month regular monthly saver account for her, it's 0.5% lower than Halifax but the next best account for kids out there. Is this a good idea?
I am also considering taking out a Friendly society tax-exempt long term plan 10 or 25 years for £270 per year. Now I know there are 2 schools of thought on these. Some saying that with all the fees that they're actually not worth it and returns are very poor and others who see them as a good "investment" but from what I've read tend to be people less financially savvy. I admit to having one until a few years ago (10 year plan) and wasn't exactly bowled over with my return but my parents took out couple for my sibling and I when we were kids with a decent return apparently. Have these products lost their shine or still worth doing?
Any other ideas/advice on best ways to save for kids will be gratefully received.
TIA