Kids savings

[Rolopop1]

this has probably been done to death but I’m trying to decide how best to save for my kids. Realistically I can only save £50 each per month but I know it will slowly add up. Should I open a kids basic savings account or an isa? Or maybe just the credit union? Thanks

Do you like the idea of them having full access of it at 18 and being able to potentially spend it on a holiday?

Or would you like to save FOR them, but not want them to control it?

Thats the first decision to make.

I agree with previous poster, but I'd also think about if you put it in your own name and end up on benefits it'll be classed as savings and you'll have to use it to live on. I have 3 dc one would definitely spend it all, one would use it sensibly the other somewhere in the middle. You need to think of the outcomes/consequences of different personalities as well as the way you save it.

Probably more so for me to have access to it rather than them. Although I am just off universal credit so I now have a bit more money to save now that im back to work. But I do worry if I’m ever back on Uc then I can’t have these savings either

Then I think the questions really are -

1. Can I really afford to save in my name? If no, owing to UC requirements - then saving in kids name is the only option.
2. If the answer is yes, then personally I would save in my name in earmarked account.

Yes I think you’re right. Hadn’t really considered the benefits side of it as I hope to continue working fulltime but you just never know

I’ve been thinking about this too. Mainly want to save for future Uni costs, helping DD with deposit on first house, etc. Can only afford a small amount now but hoping it rises. We have about 8 years to save before she’s 18.
I am going with an ISA in my name for now. Also trying to increase income and pay as much as we can towards our pensions and maintaining assets (our house). The best support for your child is going to be your own financial well-being in the future.