What type of savings a/c should I open for DS?

[scattygirl]

I want to open a savings a/c for DS with a lump sum of about 1k then any monetary gifts he receives at birthdays etc but not sure what type of a/c I should open. It will be a long term thing and will be given to him when he is older to put to good use (hopefully!) i.e. deposit for his first flat or fund his education or something.

What with the current poor interest rates and state of the economy I'm not sure what type of a/c I should open. Should I risk a stocks and shares a/c in the hope that I buy whilst they are low and get more for my money? Or play safe and open a bog standard savings a/c with a high street bank? Or any other ideas? What's everyone else done? Thanks

My parents are in the process of giving us some money for both DC's, I am thinking of buying premium bonds until interest rates rise.

I would not touch stocks and share account at the moment, remember you are relying on them to invest wisely, and lets be honest who would trust and fund at the moment.

in a brutal sense, it is safer under your bed

there is simply no money in savings at the moment.

If you seriously can guarantee you wont need the money, go for a noticed account, you will get a much better rate that way, I think you can get a 10 year notice account.

google moneysupermarket, they have comaparison engines

remember you got no interest from Bonds or it may be very little, and the likeyhood of winning anything is quite large, I have had 500 in bonds for 4 years, not won anything

Thanks. Aeschylus, not heard of noticed a/c before, I'll look into this.

Last year I put DS's child trust fund into a shares a/c and am regretting it now! oh well