Best kids savings account?

[Ladyoftheapple]

Presently, they have a ISA with Halifax but we are regularly being sent letters as the interest continues to decrease. It’s now 2% something. Hoping to have more than 5k each by the time they are 18. Thankyou

Stocks and shares…junior ISA. Assuming they aren’t turning 18 in the next 5 years or so.
Cash is often seen as the safe option but is an guaranteed way to lose money vs inflation

I agree with the above poster - stocks and shares are the best option if the horizon for saving is over 5 years.

We personally don’t bother with cash savings accounts for young children. Stocks and shares ISA are likely to give better returns over the long run. We put a chunk into stocks and shares less than a year ago and it’s currently up by around 13%, although does change on a daily basis

I am super cautious, but JISA cash rates are trash.
I have just filled out the paperwork to transfer the ISA to stocks and shares in the hope that I will leave it long enough for some excellent growth.

Well done @DeedlessIndeed! Investing does not have to be too risky. Putting in a tracker fund means you get access to a wide range of companies, as opposed to picking your own stocks. Also watch out for fees, as different providers will provide different fees

Also recommend S&S JISA - my kids’ are up between 25 and 31% over 4 years. They’re in low fee global trackers and I have a monthly direct debit. Hoping it will make at the least a significant dent in their uni costs.