Child ISAs / trust funds

[mamatoizzybee]

Doing a bit of research into child savings accounts and wondered if anyone had any experience with any /what ones are good etc :)

How much are you looking to invest?

A proper trust fund is only worth doing with a significant sum of cash which you do not intend to use for a long period of time. Or that was the advice I was given by a trust lawyer about a year ago.

If you are talking significant sums then I would advice seeing a wealth management company/very good IFA.

We were advised to consider ages of children and what our financial aims for the were, eg, to fund their education/buy them houses etc. For the latter a trust fund was deemed sensible for the former not so much due to annual fees etc if we were drawing down each year for school fees.

Again, I'm also not going to answer your question, but instead give a warning.
Anything you put into a Children's ISA or similar they will have access to when they are 18.
At 18 they might be a fine sensible young person.
Or hormones and a feeling of invincibility might be raging and it might all be blown on sex drugs and rock 'n' roll within 6 months.
It won't be your parenting that makes the difference.

We have money set aside for ours, but in our names, not theirs.

Hi all, thanks for such swift replies , much appreciated .

Apologies I wasn't very detailed with question .

I am certainly not talking a large amount of money at all. I would just like something to be open for us to put money into when we are able to . It would be great to save for when she is older so if she wants to go to
Uni or buy a car or put towards a mortgage deposit , it's there .

I don't know which ones are good and it would be good to know what other mums do to save for their children's futures .

My grandmother has already written out a cheque in my daughters name so I am looking to set something up in her name rather than my own
Thank you again

Again.....how much are you talking about ?? How much is the cheque & do you intend to put in a regular amount. ?

I'm a financial advisor & I echo a PP's advice.....I have often advised parents to simply put money in their own ISA's (20k limit each compared to less than £5k in a junior ISA) rather than one in your child's name. You have so much more control that way.

Unless you have very complicated tax issues just ask your grandparents to rip up the cheque & write another in your name. Explain that you'd rather control when & how your children get hold of the money when they get older.

I think the OP is referring to the old products ‘Child Trust Funds’ (predecessor to junior ISAs) rather than a trust fund. I would agree with others, I’d consider saving in your name too.

If you want to save in the kids name, see these links to get you started:

www.moneysavingexpert.com/savings/child-savings-tax-free/

www.moneysavingexpert.com/savings/junior-isa/

We have a Halifax child savers which currently has a very good interest rate, £100 maximum deposit a month limit.

Look on money saving expert regarding saving for children.

I've done a bit of both. An isa in sons name for birthday money etc.
I've set up a regular saver for him but in my name so that these funds are for. Uni, driving lessons, car etc