Saving money for nieces and nephew

[TheZeppo]

I have no kids of my own and would quite like to set up something for my lovely nieces and my nephew (ages 1-14 currently).

I am pretty certain that their parents have got the junior ISAs covered. I’m not really in a position to pay loads in each month (prob just £10 per kid).

I don’t really want to ask my siblings (purely for the fact I would like it to be a surprise- an amount I can gift them) but would like it to be in their names if possible.

Anyone got any suggestions of what kind of accounts I should set up? There are 7 of them.

You cant set up an account in their name without their birth certificate.

I'd have a savings account in your own name and then think in terms of being able to give them a gift on the occasion of their first home/wedding/graduation or whatever you want to mark.

You won't be able to set up an account in their names without a birth certificate.

My brother in-law set up premium bond accounts for all his neices and nephews... (but in reality, the parents have to do it. It was a nice surprise mixed with a bit hasselt doing it, but from my point of view it's massively appreciated over thoughtless plastic tat twice a year ( which bless Jim if he did pick a gift, it would most likely be)

Min payment is £25 so perhaps not q monthly thing, but christmas and birthday?

Thank you everyone, that’s really helpful!

I didn’t want to put it in my name because I’m aware that circumstances can change and I might have to take it back. If it’s in their name, it’s gone, if that makes sense?

I like the premium bonds idea! Thanks 😊

I bought premium bonds for my nieces but you can't do it as a surprise as you have to give one of their parents names. So you'd have to involve them, or buy them in your own name and mentally account for them being theirs, which may or may not be an issue, depending on whether you have some of your own and are near the holding limit.

Great idea.

If they already have an ISA but don’t use their full £9k allowance each year (most people aren’t saving £9k per year per child) then you can feed into what is already set up, perhaps by standing order.

Do think about fact one child is much older. Do you plan tos abe for them until they are 16 or 18 and if starting from scratch now, they will have different totals. There’s no wrong or right, just some things to consider and work out in your mind.

An alternative would be to save in a big pot of money and as each reaches 17 to pay for their driving lessons, or as each reaches 18 and goes to uni, to give them £x per month. Or if you like the idea they could win something, premium bonds can be nice, although inflation generally erodes their value.

Whatever you do, it’s a lovely idea.