Savings for our DC

[Middleagedmom]

DD soon to be 1

I’d like to give our DD money towards a house deposit when they turn 21

I have £50 a month I can save

Where can I invest it? Or where can I get free advice on this?

I would do several types of savings for him. I would open a stocks and shares isa in my name and invest in a few index trackers, probably us one eg s and p 500, a global one and a general one like vanguard life stragety 100.
Then pb and some things in cash

Put any Xmas or bday money into stocks isa to get it going then pb and cash isa with good interstitial rate.

Oh I want to know this too!

Couple of things to bear in mind.

If you put money into a JiSA/child savings account in most cases that will automatically be transferred from your control to your child's control when they turn 16/18. If it's a large sun they could blow it if they are not quite mature enough, also if they have any disabilities that affect capacity there are some challenges with various benefits and access to funds that need to be looked into.

If you put money in your name even if you are mentally ring fencing it for them, it counts as your savings for any benefits assessments. So if you are likely to need to claim UC then you need to be aware of this.

Personally I put a small amount into a JiSA every month which will become DDs when she's 18, it will be £3k-£5k.

I have a larger amount I put into a S&S ISA in my name intended for her which should be around £18k-£25k.

I also put some into premium bonds in mine and DDs name monthly and as and when I have some extra cash.

Following

what is pb?

Premium bonds