saving for private education - best options

[Garfage]

Hi, in people's experience - good and bad! - what is the best savings/investment approach for the above. Our child is 2 and this is at least 3 years off yes but now seems to be a good time to start looking, and it's a good time to be saver, the news tells me. What is best, though, just a regular savings route, an ISA, some other vehicle? Thanks if you can help! Garfage

Depends on what else you have in savings. Pesonally I wouldn't use up my ISA allowancee on school fees as I see my Isa being most beneficial for long term investments (once you withdraw your cash from an ISA you have lost the tax benefits). That said if you are not otherwise using your ISA allowance then it may be good.

We choose to use an offset mortgage - our savings are offset agais our mortgage and we only pay interest on the net position. With a mortgage rate of 6%, and given that we are both higher rate tax payers this gives us approx 10% gross return each year.

In terms of how regaulrly you start saving, it depends on where the money is coming from to do this. I earmarked my salary less childcare costs so put a monthly amount into an earmarked account, so I just use that account for the school fee cheques. Soem people earmark their annual bonus in a similar way.

gosh you're leaving it a bit late aren't you?
this is quite comprehensive

And other people can actually type. Sorry for quite so many typos!

have to say i'm planning on going back to work to fund it .. hopefully .. if we need to

Would point out that that article that the Marmitey one links to is probably looking more at long-term investments - I wouldn't put money into a share-driven investment vehicle for a 3 year period as it is quite high risk.

Are you defintiely looking at private primary or is this for secondary school?

Thanks for all this so far. The plan would be for both primary and secondary. We both work and earn ok money but aren't thinking Roedean type places...!

nothing wrong with roedean but a fair point it is extortionate!!!